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.
Key reinsurance renewals occur at: the 1st of January, which is the biggest renewal of the reinsurance year and has a broader global focus; April 1st when Japanese reinsurance renews; June 1st for Florida reinsurance renewals; and July 1st when more US reinsurance business gets renewed.
Our reinsurance renewals news covers all of these key points in the year and we also provide analysis and insight into what to expect at upcoming renewal seasons as well.
Structural changes introduced during hard market likely to endure in 2025: Howden
2nd January 2025
According to Howden's 2025 market report, the January 1 reinsurance renewals experienced notable softening overall, reflecting strong price adequacy and reinsurers’ ambitions for growth. Howden explained that over the past 12 months, favourable supply dynamics have become increasingly apparent in both the commercial insurance and reinsurance markets. These dynamics were reportedly instrumental ... Read the full article
Reinsurers’ desire to grow created opportunities for buyers at Jan 1 renewals, says Aon
30th December 2024
Ahead of the release of its Reinsurance Market Dynamics January 2025 Renewal report next week, re/insurance broking group Aon has noted the greater flexibility exhibited by reinsurers at the January 1st, 2025, renewals, following consecutive years of strong results in the hard market environment. According to Aon, the report will reveal ... Read the full article
Reinsurer appetite up at Jan 1 as loss-free property cat rates fall 5-15%: Guy Carpenter
30th December 2024
Property catastrophe renewals were consistently oversubscribed at January 1 as reinsurer appetite increased more than demand, with a range of pricing outcomes as non-loss-impacted renewals saw risk-adjusted rate reductions of 5% to 15%, according to reinsurance broker Guy Carpenter. At the same time, and in contrast to that broader property cat ... Read the full article
Improved exposure data key for cat reinsurance renewals: Poll
27th December 2024
In a recent Reinsurance News poll, industry experts and observers identified "getting more exposure data" as the most important factor for upcoming property catastrophe reinsurance renewals, with 44% of respondents selecting this option. Stable retentions/T&C came second, with 28% of the respondents selecting this option. 24% selected sustaining price, while only ... Read the full article
Fairly stable conditions expected at 1.1, reinsurance demand to remain high in 2025: RBC Capital Markets
20th December 2024
The reinsurance industry should expect to see fairly stable conditions at the upcoming January 1st reinsurance renewals, with property catastrophe reinsurance pricing anticipated to be somewhere close to flat due to losses from recent hurricanes Helene and Milton not developing as adversely as original forecasts from cat modelers, according to ... Read the full article
Reinsurance pricing to remain mostly flat through 2025: Deutsche Bank
19th December 2024
Deutsche Bank has released its 2025 outlook for European and UK P&C insurers, highlighting the increasing importance of efficiency in the face of evolving P&C market dynamics. The report notes that primary insurers have outperformed reinsurers in 2024 in terms of relative share price performance, particularly given reserving issues at SCOR. Heading ... Read the full article
IGP&I completes 2025/26 reinsurance renewal amid rising claims
18th December 2024
The International Group of P&I Clubs (IG) has finalised its 2025/26 Group Excess of Loss Reinsurance contract (GXL) structure, demonstrating continued support from key reinsurance partners despite a challenging year marked by increased pool claims and an active hurricane season. Following quieter years for claims in 2022/23 and 2023/24, the 2024/25 ... Read the full article
P&C pricing growth to slow and sustained strong cat reinsurance profitability expected in 2025: KBW
18th December 2024
KBW predicts a mixed outlook for the Property & Casualty (P&C) insurance sector in 2025. While pricing growth is expected to slow overall, with declines in commercial property and reinsurance rates, commercial casualty lines should see modest acceleration. Personal auto insurance rates will likely decelerate rapidly, while homeowners insurance rates increases ... Read the full article
Property reinsurance pricing likely to come under pressure at 1.1: JMP Securities
17th December 2024
As the reinsurance industry draws close to a second year of strong profitability at near/historic highs, pricing is very likely to come under pressure at the upcoming January 1st renewals for property reinsurance rates, according to JMP Securities. After recently meeting with insurers, reinsurers, and brokers in London, ahead of the ... Read the full article
Re/insurance market expected to remain constructive going forward: Swiss Re’s Baertschi
13th December 2024
The re/insurance market has remained consistent towards Swiss Re's 2025 financial targets, and the reinsurer expects the market to be constructive going forward, according to Urs Baertschi, P&C Reinsurance Chief Executive Officer, Swiss Re. Earlier today, the reinsurer revealed its financial targets for 2025, which included a Group net income ... Read the full article
Goldman Sachs predicts orderly 2025 reinsurance renewals
12th December 2024
Goldman Sachs anticipates a stable and orderly reinsurance renewal season in 2025, with property catastrophe pricing expected to decline by 5-15 percentage points at the January 1st renewals. This prediction is based on insights from W.R. Berkley (WRB) and discussions with major insurance carriers. WRB, a property and casualty insurer, forecasts ... Read the full article
Property cat reinsurance rates to be flat to down as much as 10% at Jan 1: TD Cowen
11th December 2024
Following a series of meetings with senior insurance industry executives in Bermuda, TD Cowen analysts reported that pricing at January 1st for property catastrophe reinsurance is likely to be flat or decline by as much as 10%. This prediction comes despite expectations of terms and conditions remaining stable, particularly for private ... Read the full article
TWIA Board approves 22% increase in reinsurance budget for 2025
10th December 2024
At today's Board meeting, staff at the Texas Windstorm Insurance Association (TWIA) approved the 2025 budget, which includes $485 million of ceded premiums, up on 2024's $397 million, amid continued exposure growth and a subsequent lift in its projected 1-in-100 year probable maximum loss (PML). As we wrote previously, TWIA ... Read the full article
Reinsurance market to stabilise next year, pricing to return to ~2023 levels: JP Morgan
4th December 2024
Analysts at JP Morgan expect the reinsurance market to stabilise in 2025 with pricing at still healthy levels despite minor declines, while profitability should be supported by a continuation of firm terms and conditions as attachment points hold. With the January 1st, 2025, reinsurance renewals fast approaching, industry observers will be ... Read the full article
Florida Citizens budgeting for more traditional & capital markets reinsurance for 2025
2nd December 2024
Florida’s property insurer of last resort, Citizens Property Insurance Corporation, has projected that it will need to purchase $4.453 billion of reinsurance from the traditional and capital markets for 2025, although the overall size of the firm's financing tower is expected to come down year-on-year with lower exposure, but also ... Read the full article
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