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.
Reinsurance market participants divided on price movements at Jan ’25 renewals: Fitch
25th September 2024
Reinsurance market players are divided on whether price increases at the key January 1st renewals will be strong enough to properly account for increasing loss trends in the property catastrophe space, although Fitch Ratings expects reinsurers to maintain their strong profitability in this line of business. The global rating agency has ... Read the full article
Tower completes FY25 reinsurance renewal, lifts catastrophe upper limit by NZ$50m
23rd September 2024
Kiwi insurer Tower has renewed its reinsurance coverage for the 2025 financial year, increasing its catastrophe upper limit to NZ$800 million with a higher attachment point than last year. Tower says that it has secured comprehensive cover at competitive rates for its home, motor, boat and commercial portfolios across New Zealand ... Read the full article
RVS Roundtable: The market’s in a decent position, but it’s at that pivotal point
19th September 2024
Reinsurance News held its second Monte Carlo Roundtable at the 66th Rendez-Vous de Septembre last week, during which six experienced reinsurance industry executives debated a range of topics including property and casualty market conditions, structural changes, models, technology, cyber, and more. Sponsored by reinsurance broker BMS Re and professional services firm, ... Read the full article
Growth could be challenged when current pricing momentum starts to moderate: Thompson, Gallagher Re
19th September 2024
Growth was a key topic for re/insurers at RVS 2024, Will Thompson, Global Head of Clients of Gallagher Re, commented, but this could be challenged when the current strong pricing momentum begins to moderate. Speaking with Reinsurance News at the annual meeting of the reinsurance industry in Monte Carlo, Thompson said: ... Read the full article
Evolving risk landscape presents new challenges for re/insurers in Asia: Peak Re’s Hahn
17th September 2024
One of the biggest challenges currently facing the Asian re/insurance market is the substantial protection gaps, particularly for natural catastrophes, according to Franz-Josef Hahn, Chief Executive Officer of Peak Re. Reinsurance News spoke to Hahn around this year's Rendez-Vous de Septembre (RVS) in Monte Carlo about a range of topics, such ... Read the full article
Fitch expects reinsurers to seek double-digit US casualty rate rises at Jan 1
16th September 2024
Fitch Ratings, the credit rating agency, has reported that reinsurers will likely push for double-digit increases in US casualty premium rates during policy renewals in January 2025, as companies look to keep pace with elevated loss costs. This adjustment is seen as necessary in light of where loss costs have trended, ... Read the full article
Bermudian reinsurers forecast modest property cat rate decreases at 1.1 renewals: KBW
13th September 2024
With both supply and demand for reinsurance coverage on the rise, Bermudian reinsurers expect property catastrophe reinsurance rates to be flat to mid-single-digit risk-adjusted decreases at the January 1st, 2025 renewals, according to analysts at KBW. Following meetings with 20 companies at the recent 2024 Reinsurance Rendezvous, KBW analysts noted that ... Read the full article
Non-marine market still sees more demand than supply for quota share capacity, Guy Carpenter
13th September 2024
Guy Carpenter, a global risk and reinsurance specialist, highlights that in the second quarter of 2024, there was a significant increase in demand for peak peril retrocession (retro) coverage and cat on direct and facultative (D&F) limit across the non-marine market. It's important to note, that demand for retro XoL coverage ... Read the full article
Guy Carpenter reveals what could disrupt reinsurance renewals despite market stabilisation
9th September 2024
The global specialty reinsurance market has stabilised after a period of disruption marked by sharp rate fluctuations, tighter terms and conditions, and rising attachment points, according to James Boyce, CEO of Global Specialties at Guy Carpenter, a global risk and reinsurance specialist. Boyce notes that strong rating adequacy has been achieved ... Read the full article
Munich Re is ready to accommodate strong demand from Europe & LatAm: Clarisse Kopff
9th September 2024
Demand for reinsurance protection is strong in Europe and is expected to remain so in 2025, but it’s important that structural corrections achieved in the past two years are maintained, according to Clarisse Kopff, Member of the Board of Management at Munich Re. Kopff is responsible for European and Latin American ... Read the full article
Prices and conditions to remain on a sustained stable level, says Hannover Re
9th September 2024
Large European reinsurer Hannover Re is seeing robust demand for “high-quality” reinsurance protection and is well placed for profitable growth ahead of the January 1st, 2025, reinsurance renewals. This morning, Hannover Re discussed current reinsurance market conditions and the outlook for the January 2025 renewals at the annual meeting of the ... Read the full article
Aon forecasts an increase in reinsurance pricing competition in 2025
5th September 2024
Reinsurance renewals in 2024 have seen pricing gradually decrease, partly driven by an increase in alternative capital to $110 billion, combined with rate reductions being granted by reinsurers for the best performing risks. In its Reinsurance Renewal Season 2024 report, broker Aon is forecasting an increase in pricing competition in 2025, ... Read the full article
Reinsurance pricing to perpetually recalibrate, but program restructuring to endure: Guy Carpenter
4th September 2024
After 2023 saw substantial reinsurance market corrections, including the restructuring of programs and the reset of pricing, 2024 has focused on the details, but according to executives at Guy Carpenter, while pricing is expected to continuously recalibrate, program restructuring is likely to be sustained. During Guy Carpenter's recent pre-Monte Carlo media ... Read the full article
P&C reinsurance market is reaching a new level of equilibrium, says Swiss Re CFO
23rd August 2024
The primary insurance market now understands that price increases in property and casualty (P&C) reinsurance are needed going forwards, with the market now "reaching a new level of equilibrium", according to Swiss Re's Chief Financial Officer (CFO), John Dacey. In a recent interview with CNBC International News following the release of ... Read the full article
CEA slightly lifts risk transfer tower after $306m June renewal
21st August 2024
The California Earthquake Authority (CEA) purchased $306 million of new reinsurance limit at its June 1st renewal, taking the entity's total reinsurance and risk transfer tower to approximately $9.15 billion. At the end of 2023, the CEA had $9.1 billion of protection in-force from its reinsurance and cat bonds, and after ... Read the full article
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