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Reinsurance renewals

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.

P&C sector rate increases could raise earnings by ~6.29%, says Morgan Stanley

31st October 2017

Analysts at Morgan Stanley estimate that rate increases of between 1% to 5% across the P&C sector, as a result of record levels of catastrophe losses experienced in the third-quarter, could raise earnings by an average of 6.29%. Insured catastrophe losses in the third-quarter are expected to total around $100 billion, ... Read the full article

Market at the start of a “firming price environment,” says Chubb’s Greenberg

27th October 2017

Evan Greenberg, the Chairman and Chief Executive Officer (CEO) of global re/insurer Chubb, believes insurance and reinsurance markets are at the start of a firming price environment, after years of a softened market state. Chubb announced third-quarter 2017 after-tax catastrophe losses of $1.525 billion, which drove the firm to a net ... Read the full article

Market turn evident after “dramatic & different” hurricane season: XL execs

25th October 2017

The dynamics of the global insurance and reinsurance market, combined with the devastating impacts of catastrophe events in the third-quarter, suggests rate improvements are on the horizon, according to XL Group executives Mike McGavick, and Greg Hendrick. Insurer and reinsurer XL Group announced a net operating loss of more than $1 ... Read the full article

Global property cat prices to increase by 10% at 2018 renewals: Credit Suisse

24th October 2017

Industry experts have so far concurred that the re/insurance industry's estimated $100 billion in aggregate Q3 losses won't lead to a bottoming out of the current pricing cycle, however, global property catastrophe excess of loss pricing is forecast by Credit Suisse to increase by 10% at 2018 renewals, a price ... Read the full article

Global reinsurers target U.S. property cat rate rises

24th October 2017

The largest global reinsurance players are set to target any U.S. property reinsurance rate increases following the impacts of recent hurricanes and catastrophe losses on the sector. In recent years, the big four European reinsurers and their global counterparts have been seen to pull-back from U.S. property catastrophe exposed lines of ... Read the full article

Rate increases at 1/1, Q3 losses a capital event for reinsurance sector: S&P

16th October 2017

Third-quarter 2017 catastrophe losses are likely to erode the reinsurance sector's earnings and become a capital event for the space, resulting in rate increases of up to 5% at 1/1, according to rating agency Standard & Poor's (S&P). Global reinsurers have started to release loss estimates for the third-quarter of 2017, ... Read the full article

UK motor reinsurance renewal prices could stabilise on Ogden revision

26th September 2017

According to rating agency A.M. Best, revisions to the reform of the law governing the personal injury discount rate, or Ogden Rate as it is known, in England and Wales are likely to result in more stable motor reinsurance renewal pricing in January. It had been expected that January 2018 renewals ... Read the full article

Irma and Harvey will drive uncertainty at renewals: Munich Re’s Jeworrek

11th September 2017

In the middle of the 2017 hurricane season weather conditions are causing high intensity storms and hurricanes to form in the Atlantic basin, and with the industry still waiting for the tally from Harvey and now Irma, reinsurers will have to go into renewals under a cloud of "uncertainty." Speaking at ... Read the full article

Swiss Re expects price stabilisation after recent loss events

11th September 2017

Reinsurance giant Swiss Re said this morning that it expects the impacts of recent catastrophe losses will be sufficient to stabilise reinsurance industry pricing. The company said that it intends to maintain its underwriting discipline, in the face of continuing pressures from low interest rates and excess capital in the sector. The ... Read the full article

P&C price reductions of up to 5% expected at Jan 18 renewals: Moody’s

6th September 2017

Persistent headwinds in the global reinsurance sector are expected to continue throughout 2017 and into next year, with Moody's suggesting that the January 2018 property and casualty (P&C) reinsurance renewals will see further softening across most business lines. Price declines in the reinsurance sector have slowed in more recent times, a ... Read the full article

Reinsurance pricing to deteriorate throughout 2018, warns Fitch

6th September 2017

Pricing in the global reinsurance sector will continue declining throughout 2018 as competition from alternative sources of reinsurance capacity intensifies and margins across the sector deteriorate further, according to analysis by Fitch Ratings. The current low-interest rate environment is expected to remain, dampening returns on the investment side of the balance ... Read the full article

Reinsurers’ evolution must continue as challenges & uncertainty persists: A.M. Best

5th September 2017

The global reinsurance sector remains extremely challenging with limited opportunity for organic growth and declining profitability on both sides of the balance sheet, which, suggests reinsurers will need to continue adapting and evolving to the changing landscape, according to A.M. Best. Despite the widespread impact of hurricane Harvey, which is yet ... Read the full article

U.S. reinsurers’ combined ratio edges closer to 100% in H1 2017, loss ratio rises

24th August 2017

Analysis on the performance of 18 reinsurance companies during the first-half of 2017, by the Reinsurance Association of America (RAA), highlights further deterioration of combined ratios and rising loss ratios. The group of 18 U.S.-based property/casualty reinsurers recorded a combined ratio of 97.1% in the first-half of 2017, compared with 94.8% ... Read the full article

Fitch maintains negative reinsurance outlook, warns of further price deterioration

22nd August 2017

Fitch Ratings has maintained its negative outlook for the reinsurance sector as mid-year 2017 results show continued pressure on pricing and earnings. Ample capacity and intense competition remains an issue for the global reinsurance sector, and Fitch expects pricing to weaken further in the months ahead. Despite the abundance of capacity and ... Read the full article

Continued softening & expansion of terms in energy re/insurance

3rd August 2017

The energy insurance and reinsurance sector has witnessed continued softening of prices and expansion of terms and conditions at recent renewals, helping protection buyers to more positive dealings with risk transfer partners, according to JLT Group’s Lloyd & Partners unit. The offshore and onshore energy insurance market has softened rapidly, nearing ... Read the full article

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