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.
CEA reinsurance and risk transfer contracts again to $7.99bn after further non-renewals
29th November 2024
The California Earthquake Authority's (CEA) reinsurance and risk transfer tower has contracted by a further 6% to $7.993 billion as of November 1st, 2024, as it opted to non-renew contracts to limit the amount of capacity in excess of its minimum 1-in-350 year level as policy count and exposure continues ... Read the full article
Underwriting discipline likely to remain for majority of market: William Ho, MS Amlin
28th November 2024
In an interview with Reinsurance News, William Ho, Chief Executive Officer of MS Amlin for Asia Pacific, affirmed that although reinsurance market dynamics in Asia have shifted in 2024, discipline is expected to persist as the company continues to innovate for clients and brokers in an ever changing landscape. We spoke ... Read the full article
Berenberg analysts expect stable reinsurance pricing at Jan ’25 renewals
26th November 2024
Analysts at Berenberg have said that in light of the strong performance of the reinsurance sector in recent years and the fact there's no build up of excess capital, reinsurance pricing at the January 1st, 2025, renewals is expected to be stable. According to analysts, stability at 1.1 could drive an ... Read the full article
Reinsurers can differentiate themselves beyond price competition: Aon’s Attard
25th November 2024
Reinsurers are poised to leverage a disciplined market and differentiate themselves by actively assisting insurers in managing risks and pursuing growth, moving beyond price competition, Aon’s George Attard shared in his comments following the Singapore International Reinsurance Conference (SIRC). He stated: “This year’s SIRC was an exciting time for us to ... Read the full article
P&C reinsurance pricing expected to decline heading into Jan renewals: Morgan Stanley
21st November 2024
Heading into the January 1 renewals, unless there's a major catastrophe, property and casualty (P&C) reinsurance prices are expected to decline, according to analysts at Morgan Stanley. The 2025 reinsurance market outlook is shaped by a more subdued pricing environment in 2024 and manageable risks from this year’s hurricane season. While ... Read the full article
Generali’s nat cat budget to rise for 2025 but major changes to reinsurance not expected: Marco Sesana
15th November 2024
Global insurer Generali's natural catastrophe losses came in roughly 100 basis points above budget for the first nine months of 2024, and as the firm's portfolio continues to expand a higher nat cat budget is expected for 2025, although major changes to its reinsurance structure aren't anticipated, according to Marco ... Read the full article
TWIA may need ~$5.8bn in reinsurance for 2025 as PML rises 20%
15th November 2024
The Texas Windstorm Insurance Association (TWIA) has projected that it might need almost $5.8 billion in reinsurance limit for 2025 as 20% exposure growth lifts its projected 1-in-100 year probable maximum loss (PML) to $7.8 billion, while total losses from hurricane Beryl are expected to almost deplete the Catastrophe Reserve ... Read the full article
Cat pricing in Central Europe up 15-20% ahead of January renewals: SCOR’s Conoscente
14th November 2024
French reinsurer SCOR is currently seeing more or less flat property catastrophe reinsurance rates ahead of the January 1st, 2025, renewals, with price increases on loss affected programmes and pressure on loss free programmes in Europe and beyond, according to Jean-Paul Conoscente, Chief Executive Officer (CEO) of SCOR Property & ... Read the full article
Reinsurance market set for constructive Jan 1 renewal season: Swiss Re CEO, Berger
14th November 2024
Speaking earlier today during Swiss Re's earnings call for the third quarter of 2024, Group Chief Executive Officer (CEO), Andreas Berger stated that given the current trends being seen across the reinsurance market, he expects 1.1 to be a constructive renewal season. During the call, Berger addressed the firm's starting position ... Read the full article
MS Reinsurance CUO Goldie optimistic heading into 1.1, sees opportunities in ‘almost every area’
12th November 2024
As the autumn conference season concludes and the reinsurance industry shifts its focus to the January renewals, we spoke with MS Reinsurance’s Charlie Goldie, Chief Underwriting Officer, for his insights on the discussions at RVS in Monte Carlo and the Insurance Leadership Forum (ILF) hosted by the Council of Insurance ... Read the full article
Quantum of Helene & Milton loss similar to Ian, slight softening still expected at Jan renewals: JP Morgan
11th November 2024
In its recent Love Actuary report, JP Morgan compared losses from Hurricane Ian in 2022 with the total claims emerged from Hurricanes Helene and Milton in 2024 so far, noting that the total quantum of loss is similar. Despite these hurricane losses, analysts highlight the notable shift in the reinsurance market ... Read the full article
Hannover Re expects stable P&C reinsurance market terms, additional demand in 2025: CEO Henchoz
11th November 2024
European reinsurance company Hannover Re is expecting a broadly flat risk-adjusted rate environment for the property and casualty (P&C) market in 2025, which supports its combined ratio guidance of less than 88% for next year, with terms in the segment projected to be stable amid strong demand and a disciplined ... Read the full article
CEA’s risk transfer and reinsurance program contracts to $8.5bn after non-renewals
11th November 2024
The size of the California Earthquake Authority's (CEA) reinsurance and risk transfer program has contracted by 7% to $8.5 billion after the entity opted against renewing $648.5 million of traditional reinsurance protection that expired at the end of July 2024. As reported by Artemis, our insurance-linked securities (ILS) focused sister publication, ... Read the full article
RenRe CEO expects ~$10bn of additional US cat limit purchase in 2025, sees rates trading at current levels
7th November 2024
President and Chief Executive Officer (CEO) of Bermudian reinsurer RenaissanceRe (RenRe), Kevin J. O'Donnell, expects U.S. catastrophe limit purchases to increase by around $10 billion in 2025, and foresees property cat reinsurance rates trading at current levels at the January 1st, 2025, renewals. The structural changes implemented by reinsurers, as well ... Read the full article
Conditions in property cat to remain ‘very attractive’ in 2025: Hiscox CFO
7th November 2024
Paul Cooper, Group Chief Financial Officer of Hiscox, has noted that in light of recent catastrophe activity, rates are expected to remain robust, creating "very attractive" conditions in the property cat market. As a result, the company plans to gradually deploy additional capital into this sector. Speaking during an analyst call ... Read the full article
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