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.
Multi-decadal high reinsurance rate rises achieved at Jan 1, says Howden
3rd January 2023
A myriad of events came together and drove the hardest property catastrophe reinsurance market in a generation at the key, January 1st, 2023, reinsurance renewals, with structures and coverage terms at the forefront of negotiations, according to re/insurance broker Howden. The coalescence of geopolitical and macroeconomic shocks, the ongoing war in ... Read the full article
Gallagher Re outlines “complex” and “frustrating” Jan renewals
3rd January 2023
Gallagher Re has described the January 1st reinsurance renewals as “complex and in many cases frustrating” as tense negotiations ran “down to the wire” and reinsurers restricted capacity and pushed for tough terms and pricing. The broker’s 1st View January reinsurance renewals report notes that the two areas of most constraint ... Read the full article
Reinsurers to remain in the driver seat, says Stonybrook
30th December 2022
Reinsurance companies on year-end 2022 renewals are pushing rates, retentions, and terms and conditions onto buyers of protection, with sellers generally achieving 35% of greater risk-adjusted rate rises, according to analysis by Stonybrook Capital. The January reinsurance renewals season, which is now underway and expected to be prolonged, has been described ... Read the full article
Reinsurers at crossroads after difficult Jan 1 renewals: Guy Carpenter
30th December 2022
The reinsurance sector now finds itself at a “crossroad,” according to analysts at Guy Carpenter, following one of the most challenging renewal periods ever experienced at January 1. In a report on the crucial renewal period, Guy Carpenter – a global risk and reinsurance specialist and a business of Marsh McLennan ... Read the full article
Jan 1st reinsurance renewal season is an “epiphany”, says SiriusPoint’s Ari Chester
23rd December 2022
With the upcoming 1/1 reinsurance renewals looming closer, SiriusPoint’s Head of US and Canada Reinsurance, Ari Chester, spoke to Reinsurance News about the renewal season and the firm's outlook. “This renewal season is an epiphany, a sudden awareness that insurance balance sheets need to be compensated for property volatility. And it’s ... Read the full article
Property a market where reinsurers are firmly in control: JMP Securities
22nd December 2022
Following conversations with re/insurers and brokers in London ahead of the January renewals, analysts at JMP Securities have suggested the property market feels like a market where the reinsurers are firmly in control, and that this likely has legs beyond just the 2023 renewals. According to the analysts, through the discussions, ... Read the full article
Beazley poised to expand presence in property market throughout 2023
20th December 2022
With an expected turnaround in the fortunes of the property re/insurance markets throughout 2023, Beazley’s Group Head of Treaty, Patrick Hartigan, suggests the firm is ready to step up and support insurers and commercial buyers to find cover as peers pull back in the face of investor disillusionment due to ... Read the full article
Reinsurance capacity strained with rates to increase 50% for US cat: Goldman Sachs
19th December 2022
A new note from Goldman Sachs around P&C insurance reports that reinsurance capacity is strained with rates potentially up by over 50% for US cat. The note arises from conversations the financial giant had with property and casualty insurers, that the firm said were ‘most optimistic’ with the current environment favourable ... Read the full article
Major ship reinsurers to cease covering key war-related risks
15th December 2022
Hannover Re and Munich Re are among reinsurers who have warned to cease underwriting any kind of risks related to the conflict in Ukraine from the start of next year, with other reinsurers thought to be taking a similar approach, suggests a recent Bloomberg report. With reinsurers preparing to potentially cease ... Read the full article
Reinsurers “aggressively” pushing back secondary perils ahead of 1/1: KBW
14th December 2022
Analysts at KBW have reported that secondary perils that had previously been reinsured are now being “aggressively pushed back” toward primary insurers ahead of the January 1st reinsurance renewals. KBW provided some comments on the state of the global reinsurance market heading in to the critical renewal period, after meeting with ... Read the full article
Sharp reduction in nat cat reinsurance capacity at renewals: Clyde & Co’s Barbosa
13th December 2022
There is likely to be a sharp reduction in available nat cat reinsurance capacity at upcoming renewals following a climate change-induced increase in the frequency and severity of European nat cat events, suggests Clyde & Co's Eva-Maria Barbosa. The influence of climate change on natural catastrophe losses is causing reinsurers to ... Read the full article
Gallagher Re suggests TWIA commences reinsurance renewal as soon as possible
13th December 2022
In light of the hardening reinsurance market environment, insurance and reinsurance broker Gallagher has called on the Texas Windstorm Insurance Association (TWIA) to begin its reinsurance planning and buying as soon as possible. TWIA's Board meeting is scheduled for today, during which management will discuss the company's 2023 reinsurance programme amid ... Read the full article
To make the world more resilient, re/insurers must be resilient: Ojeisekhoba, Swiss Re
13th December 2022
As the global reinsurance industry looks ahead to 2023, writing in this op-ed, Swiss Re's Moses Ojeisekhoba, Chief Executive Officer - Reinsurance, explains the need to reshape the risk industry, in order to boost resilience in an increasingly volatile world. The extraordinary natural and human forces shaping our planet were on ... Read the full article
Tremor claims half of capacity authorised within one day
9th December 2022
The online reinsurance pricing and placing platform Tremor Technologies says that half of participating reinsurers authorise capacity within a day, with full program capacity received in fewer than three days. Sean Bourgeois, CEO of Tremor, said: “Tremor’s market design enables efficient pricing and allocation of reinsurance programs competitively. Many 1/1 programs ... Read the full article
Hurricane Ian to strain reinsurance capacity at renewals: Swiss Re
9th December 2022
Analysts at Swiss Re Institute have warned that the impact of Hurricane Ian on an already strained re/insurance market in Florida will likely be significant and extend globally. Losses from Ian, which are expected to be in the $50-60 billion range, follows multiple years of elevated catastrophe losses and comes at ... Read the full article