Reinsurance News
Reinsurance renewals news
Reinsurance renewals are the key points in the year when the majority of reinsurance contract renewal negotiations occur and are completed.
The reinsurance renewal seasons provide insight into reinsurance pricing, contract terms, reinsurance market positioning and the direction of future trends in the market.
India’s property cat pricing sees significant uplift at April renewal: Aon
12th April 2023
India's property catastrophe pricing increased by double digits at this April's renewal, a significant uplift for the market by historical standards, and higher than those seen in Japan, suggests Aon. Aon's analysts explain that April is the main renewal for India, as it sees a vast amount of the country’s P&C ... Read the full article
US property rates climb as insurers face “serious cost pressures”: RPS
11th April 2023
Analysts at Risk Placement Services (RPS) have cited how the US property market currently finds itself in turbulent times, due to a combination of internal and external factors affecting market dynamics, adding to pressures that are being felt by all aspects of the insurance value chain. Chief among these is a ... Read the full article
Japan property cat rates rise in “more orderly” April 1 renewals: Gallagher Re
6th April 2023
Early signs of capacity shortages did not materialise for Japanese insurers as the overall supply-demand balance for reinsurance remained “delicately poised” at the April 1 property catastrophe renewals, according to Gallagher Re’s 1st View report. However, even though there was enough capacity available to meet client needs, since the largest capacity ... Read the full article
After years of one step forward one step back, we seem to have got there: Shea, Gallagher Re
5th April 2023
As the underlying return on equity (ROE) surpasses the reinsurance industry’s cost of capital for the first time in a decade, it gives a sense of direction of the way forward and the level of profitability the sector has now reached, according to Brian Shea, Global Head of Strategic & ... Read the full article
Reinsurer capital down 12% in 2022, but underlying ROE improves: Gallagher Re
5th April 2023
New analysis from Gallagher Re, the global reinsurance broker, shows that total, dedicated reinsurance capital fell by 12% from the end of 2021 to $638 billion as at the end of December 2022, driven by a decline in the value of investments. The broker's latest reinsurance market report tracks the capital ... Read the full article
Tide lifting all boats across reinsurance market: Gallagher Re’s Vickers
4th April 2023
Reflecting on the April renewals, James Vickers, Chairman International, Reinsurance at Gallagher Re, says “the tide is lifting all boats” across the reinsurance market as improved conditions were maintained from the earlier January period and swept across even the smaller markets. Gallagher Re’s 1st View report concludes that the 1/4 ... Read the full article
Aon optimistic after orderly April 1st reinsurance renewals
4th April 2023
The supply / demand imbalance in the property catastrophe reinsurance market seen at January 1st showed signs of easing at the April 1st renewals, leading broker Aon to be optimistic that the market is "now on a more stable footing following a turbulent 1/1". Aon has released its April Reinsurance Market ... Read the full article
Supply/demand dynamic remains “delicately poised”: Gallagher Re
3rd April 2023
Analysts at Gallagher Re have warned that the overall reinsurance supply/demand dynamic remains “delicately poised,” as sufficient capital was available to meet client needs during the April renewals, but could prove more constrained in other markets going forward. Writing in Gallagher Re’s 1st View report on the 1/4 renewal, Global CEO ... Read the full article
Reinsurers maintain discipline at challenging April renewal: Gallagher Re
3rd April 2023
The April 1 reinsurance renewals saw a continuation of trends from the earlier January period this year, with reinsurers broadly maintaining discipline and driving up rates across all geographies, Gallagher Re reports. The broker’s 1st View report notes that the 1/4 renewal proved “challenging” for reinsurance buyers, who were unable to ... Read the full article
APAC April reinsurance renewals on sounder footing than turbulent 1/1: Aon
30th March 2023
APAC (Asia-Pacific) renewals are proceeding in an orderly fashion as the reinsurance market finds itself on a more sustainable footing following a turbulent 1/1, suggests Aon Reinsurance Solutions APAC CEO, George Attard. Attard states that April 1 is a significant renewal for the Asia Pacific region, which is an important catastrophe ... Read the full article
The market needed a reset to attract critical support of capital providers: Hough, Aspen Re
28th March 2023
The last few months of last year were a turning point for the reinsurance market, as the need to reset pricing and achieve more sustainable long-term rate adequacy intensified, leading to probably the most distressed market that Philip Hough of Aspen Re has ever experienced. Hough has been the Global Head ... Read the full article
Challenging times for aviation, specialty lines remain attractive to reinsurers: Aon’s Skilton
21st March 2023
Aviation lines face challenging reinsurance renewals in 2023, yet specialty lines continue to provide reinsurers with opportunities, according to Aon’s Global Head of Specialty and Aviation, Mark Skilton. Having experienced complex and challenging reinsurance renewals on January 1st, aviation insurers face an uncertain market in 2023, a trend that according to ... Read the full article
Florida Citizens using industry-loss cat bond coverage as it prepares for merging of accounts
16th March 2023
Florida's Citizens Property Insurance Corporation, the property insurer of last resort for the Florida market, has returned to the capital markets for a new, multi-year industry loss catastrophe bond transaction, as it prepares to merge its three accounts. The special legislative session in December 2022 saw the passing of Senate Bill ... Read the full article
There’s a lot to take away from the outcome of Jan 1 renewals: Britten, PwC Bermuda
8th March 2023
The Bermuda insurance and reinsurance marketplace weathered the impacts of multiple heavy loss years, the global pandemic, and the more recent rise in interest rates and inflation extremely well, despite the acute and far-reaching effects, according to Matt Britten, Partner in the PwC Bermuda Insurance and Reinsurance practice, and Risk ... Read the full article
A strong market, but important pricing holds long-term: Wightman, PwC Bermuda
6th March 2023
In an interview with our sister publication as part of the Artemis Live series of video interviews, Arthur Wightman, territory leader for PwC Bermuda, discussed what he describes as one of the hardest reinsurance markets. "The reinsurance industry across the main domains that operate here in Bermuda are doing well," said ... Read the full article