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Reinsurance News

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.

Reinsurance rates flat to slightly down at January 2019 renewal

2nd January 2019

Reinsurance rates at the key January renewal season are largely seen to have been flat or a little down, according to the first report on the key contract signings. Broker Willis Re told the FT that hoped for reinsurance rate increases did not appear at the renewal, resulting in an overall ... Read the full article

KBW moderately optimistic about 2019 reinsurance pricing

31st December 2018

Analysts at Keefe, Bruyette & Woods remain moderately optimistic about 2019 reinsurance pricing following meetings with numerous underwriters and brokers. Virtually everyone KBW met expected steadily rising reinsurance pricing over the course of 2019, reflecting declining supply and rising demand, which could extend into other lines, particularly the retro-dependent Lloyd’s market. Participants ... Read the full article

Ongoing competition to impact profits in London non-life sector: Fitch

27th December 2018

The profitability of companies in the London, UK non-life re/insurance sector will continue to come under pressure throughout 2019 as intense competition erodes margins, according to Fitch Ratings. Fitch said its outlook for the sector would remain negative in light of a number of ongoing challenges, including regulatory scrutiny, high expense ... Read the full article

Hardening rates expected as industry losses exceed 20 year average: Barclays

24th December 2018

Reinsurers look set to shoulder another quarter of “extraordinary” natural catastrophe losses following increases in industry estimates for the California wildfires and hurricane Michael, leading to hardening rates in 2019, according to analysts at Barclays. They expect a 1-3% increase for large players and believe this year’s industry losses may reach ... Read the full article

International Group of P&I Clubs reduces reinsurance costs in 2019 renewal

19th December 2018

The International Group of P&I Clubs (IGP&I), a provider of protection and indemnity (P&I) insurance to the global shipping industry, has renewed its reinsurance program for the 2019/20 year with rate reductions across all of its vessel categories. The $3.1 billion reinsurance program included a number of changes to its structure ... Read the full article

Pricing set to improve across UK specialty classes in 2019, say analysts

19th December 2018

Consecutive periods of above-average large losses are set to cause a positive reaction in pricing across a range of UK specialty classes in 2019, according to analysts at J.P. Morgan. The firm noted that 2018 saw a higher incidence of man-made losses, putting classes like Marine under additional pressure, while pricing ... Read the full article

KBW anticipating modest rate improvements at 1/1 renewals

18th December 2018

Analysts at Keefe, Bruyette & Woods (KBW) are expecting low single-digit increases in reinsurance pricing at the 1 January 2019 renewals due to the significant catastrophe losses experienced this year and some constraint on the supply of alternative capital. KBW acknowledged that the abundance of third-party capital in the property catastrophe ... Read the full article

European reinsurance pricing to continue improving through 2019: Barclays

18th December 2018

Reinsurance prices in the European market should continue to gradually improve throughout 2019 as demand goes up and capacity becomes more constrained, according to analysts at multinational investment bank Barclays. Barclays estimates that the reinsurance industry is set to incur around $70 billion in large loss claims this year, which is ... Read the full article

Alternative capital growth to further restrict pricing cycles: Swiss Re

14th December 2018

Alternative capital has matured into an integral player in the property catastrophe reinsurance and retrocession markets, but its continued growth is likely to further curb the volatility of the overall underwriting cycles, according to a report from the Swiss Re Institute. Over the last decade, the alternative capital market has become ... Read the full article

Demand for non-life reinsurance to increase in 2019: A.M. Best

11th December 2018

Demand for non-life reinsurance is expected to increase over 2019, according to A.M. Best, due primarily to factors such as the return of U.S economic growth, as well as global growth and benefits from the U.S federal tax reform. Analysts at A.M. Best believe these conditions will provide opportunities for organic ... Read the full article

QBE benefits from early reinsurance renewal as it restructures placement

11th December 2018

Australian and global primary insurance and reinsurance group QBE said it has benefited from favourable terms and better pricing by getting to market early with its 2019 reinsurance renewal. The insurer said that by hitting the market early it has been able to achieve lower pricing, avoiding any uptick in market ... Read the full article

Hard market not needed to fix AIG: Brian Duperreault

10th December 2018

The Chief Executive Officer (CEO) of global insurer and reinsurer American International Group (AIG), Brian Duperreault, has said that a hard market isn't required to fix the company. After reporting a third-quarter net loss, albeit improved on the same period in 2017, AIG's full-year 2018 performance will likely be closely watched ... Read the full article

Stable rates but January renewals to be highly competitive

6th December 2018

Noise from global reinsurance companies and alternative, or third-party capital participants suggests that every catastrophe renewal at January 1st 2019 is going to be highly competitive for a number of reasons, with rates expected to remain stable during the key renewals season. There's a feeling across the reinsurance and also insurance-linked ... Read the full article

PI premiums to rise as construction market hardens, warns JLT Specialty

3rd December 2018

JLT Specialty, the specialist insurance broker and risk consultant, has warned that contractors could face a significant increase in professional indemnity (PI) premiums as the construction market begins to harden. Greater regulatory scrutiny and uncertainty regarding cladding systems following the Grenfell fire has led many insurers to scale back on capacity ... Read the full article

Reinsurance sector struggling to keep pace with cost of capital: S&P

30th November 2018

With only modest pricing increases experienced over 2018 and momentum set to fade in 2019, the global reinsurance sector may find it increasingly difficult to keep pace with its cost of capital, according to S&P Global Ratings. The rating agency noted that last year the reinsurance sector generated returns on capital ... Read the full article

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