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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.

Howden sees continued demand as retro challenges drive uncertainty for property cat reinsurers

7th January 2022

Broker Howden expects to see continued demand for reinsurance into 2022 and the North Atlantic hurricane season after property-catastrophe reinsurers lacked the usual clarity on their net positions when offering lines at 1/1, amid late retrocession placements. Alongside the late retro experience, Howden forecasts that continued purchasing interest through 2022 will ... Read the full article

Material variances, but property retro prices rise at Jan renewals: GC

7th January 2022

With 2021 being affected by catastrophe events, property retrocession renewals experienced price increases in both aggregate and occurrence products at 1/1, according to reinsurance broker Guy Carpenter. As expected, the largest changes were in loss-affected accounts as well as low-lying aggregate placements following reductions in available capacity, says Guy Carpenter. The broker ... Read the full article

FEMA secures smaller $1.064bn NFIP flood reinsurance placement for 2022

7th January 2022

The U.S. Federal Emergency Management Agency (FEMA) has renewed the National Flood Insurance Program's (NFIP) reinsurance for 2022, securing $1.064 billion of flood protection for a total premium of $171.9 million. The 2022 renewal sees FEMA transfer less of the NFIP's financial risk to the private reinsurance market when compared with ... Read the full article

Renewal rate increases imply dramatically better returns: KBW

6th January 2022

Analysts at KBW have said that rate increases for property and casualty business at the January 1 reinsurance renewals imply “dramatically improved expected returns” for reinsurers. Although individual cedents' rate changes varied widely, property catastrophe reinsurance rate increases were measured at around 9% globally and 6.5% in the US, according to ... Read the full article

Lloyd’s & London Market see stable conditions at 1/1: Gallagher Re

6th January 2022

Analysts at Gallagher Re have reported that Lloyd’s and the London Market experienced more stable conditions than were seen last year during the January 1, 2022 renewals, despite being generally quite late to market. In its 1st View report on the critical renewal period, Gallagher Re observed “mixed outcomes” for ... Read the full article

IAG completes $10bn catastrophe reinsurance renewal

6th January 2022

Australian insurer IAG has completed its 2022 catastrophe reinsurance renewal, securing flat gross protection cover at up to $10 billion at a higher cost than last year. The main cover of the $10 billion 2022 calendar year catastrophe reinsurance programme includes one prepaid reinstatement, with IAG retaining the first $250 million ... Read the full article

Price increases top 30% on some loss-impacted lines at 1/1: GC

5th January 2022

Analysts at Guy Carpenter have observed reinsurance pricing increases of over 30% on some loss-impacted business at the crucial January renewal period. The broker’s Global Property Catastrophe Rate-on-Line Index increased 10.8% year-on-year, and found that structure adjustments, particularly on retentions, were more prevalent in heavier loss-impacted sectors. While pricing exhibited a wide ... Read the full article

Some European cat rates rose by over 50%: Gallagher

5th January 2022

Analysts at reinsurance broker Gallagher Re have reported that reinsurance pricing increased by over 50% for some European catastrophe business at the January 1 renewals. In its 1st View report on the critical renewal period, Gallagher Re observed “mixed outcomes” for both reinsurers and cedants, as a push for improved ... Read the full article

Reinsurer appetite “undiminished” at 1/1: Gallagher Re’s James Vickers

4th January 2022

James Vickers, Chairman International, Reinsurance, at Gallagher Re, has maintained that reinsurers’ appetite to write what they perceive to be attractive business has proved to be “absolutely undiminished” following the January 1st renewals this year. Gallagher Re’s 1st View report noted that the 1/1 reinsurance renewals concluded with a “wide ... Read the full article

Risk landscape reshaped by ‘megatrends’ at Jan 1: Howden

4th January 2022

Analysts at Howden have observed a “reset” in the reinsurance risk landscape during the January 1st renewals, as a series of ‘megatrends’ upped the complexity of an already complicated underwriting environment. Reporting on the critical renewal period, the broker argues that the insurance macro-fundamental environment is clearly shifting, with higher inflation, ... Read the full article

Total reinsurance capital up almost 3% to $534bn in 2021: Guy Carpenter

4th January 2022

Total dedicated reinsurance capital increased by 2.8% from the end of 2020 to end 2021 at $534 billion, driven by growth in both traditional and alternative capital, according to reinsurance broker Guy Carpenter and ratings agency, AM. Best. The almost 3% growth in dedicated reinsurance capital from the $519 billion reported ... Read the full article

Mixed outcomes for reinsurers at “challenging” Jan 1 renewals: Gallagher Re

4th January 2022

Analysts at Gallagher Re have reported that the January 1 reinsurance renewals concluded with a “wide range of outcomes” as a push for improved pricing resulted in a tense round of negotiations. The broker noted that most reinsurers were determined to seek further price increases at 1/1 after hopes of a ... Read the full article

January renewals reflect “healthy but bifurcated” reinsurance market: Guy Carpenter

3rd January 2022

The January 1st 2022 reinsurance renewal season saw conditions that reflect a "healthy but bifurcated" reinsurance market, according to global broking firm Guy Carpenter. The reinsurance market is evolving, Guy Carpenter says, evidenced by reinsurers adjusting their risk appetites and pricing thresholds for certain sectors, as they respond to ongoing and ... Read the full article

H2 catastrophe activity may drive stronger reinsurance pricing at Jan 1, says S&P

30th December 2021

With insurance and reinsurance industry losses from catastrophe events once again above the $100 billion mark in 2021, price increases at the key January 1st, 2022 renewals could be stronger than in previous years, according to S&P Global Ratings. In recent years, price momentum at 1/1 has disappointed reinsurers amid heightened ... Read the full article

Intl. Group of P&I Clubs secures more costly reinsurance programme for 2022

22nd December 2021

The International Group Pooling and GXL Reinsurance contract for 2022 has now been finalised, with the Group agreeing to pay more in premiums to secure the renewal of its 2022 reinsurance programme. The increase in reinsurance spend comes amid hardening market conditions and the deterioration in the Group's claims record with ... Read the full article

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