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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.

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

Everest Re optimistic about 2019 renewals, reports Goldman Sachs

30th November 2018

Global reinsurer Everest Re is optimistic about the pricing outlook for reinsurance renewals over 2019, anticipating rate increases across property catastrophe, specialty and casualty lines, according to analysts at Goldman Sachs. After a series of meetings with Everest Re’s management, including its CEO, CFO and presidents of the Reinsurance and Insurance ... Read the full article

Reinsurers to see localised rate increases over 2019: Goldman Sachs

26th November 2018

Although overall reinsurance pricing momentum overall is likely to slow going into 2019, Goldman Sachs expects to see localised rate increases in some areas that have experienced heavy catastrophe losses over 2018. In Japan, Goldman Sachs predicted that the $8 billion loss from Typhoon Jebi (with a $2 billion reinsurance attachment) ... Read the full article

Downstream energy sector to see turnaround after years of losses: WTW

23rd November 2018

Price increases in the downstream energy re/insurance sector are now inevitable after years of unprofitable returns and major losses, according to re/insurance broker Willis Towers Watson (WTW). The November 2018 edition of the firm’s Energy Market Review noted that 2017 was the second worst underwriting year on record for the sector ... Read the full article

Commercial insurance pricing continues to rise at Q3: Marsh

23rd November 2018

Average commercial insurance prices rose by just over 1% over the third quarter of 2018, marking the fourth consecutive quarter of pricing increases for the sector, according to the latest Global Insurance Market Index by re/insurance broker Marsh. The pricing trend has largely been driven by increases in property and financial ... Read the full article

Upstream energy sector remains profitable, but rate reductions unlikely: WTW

22nd November 2018

The upstream energy re/insurance sector looks set to continue its profitable trend in 2018, although insurers are reluctant to implement any further rate reductions as this fragile dynamic could be reversed by only a modest upturn in claims, according to re/insurance broker Willis Towers Watson (WTW). The November 2018 edition of ... Read the full article

Wildfires could boost P&C pricing and reduce risk appetite: Morgan Stanley

21st November 2018

With the recent outbreak of devastating wildfires in California marking two consecutive years of large losses in the state, analysts at Morgan Stanley have suggested that the property and casualty (P&C) re/insurance market could respond by raising prices and reducing its risk appetite. The firm said that the industry will have ... Read the full article

Zurich expects rates momentum to slow into 2019, says CFO Quinn

14th November 2018

Zurich Insurance Group continues to achieve rate increases across its property and casualty (P&C) lines, but it expects pricing momentum to slow down as it moves into 2019, according to Chief Financial Officer George Quinn. Speaking during a third quarter earnings call, Quinn explained that the overall rate changes experienced over ... Read the full article

Goldman Sachs anticipates muted 1/1 renewal season

13th November 2018

Goldman Sachs expects a muted 1/1 renewal season with flat pricing across the property and casualty lines. Meanwhile, the firm says the main questions around catastrophe losses in 4Q18 will likely be the scale of insured losses from the wildfires currently raging in California, and loss creep from last year's ... Read the full article

Reinsurers need to expand their growth efforts: Industry execs

13th November 2018

Industry executives speaking at the annual S&P Global Ratings 2018 Bermuda Reinsurance Conference have called on market players to expand their businesses and turn their focus from pricing. Executives said that global reinsurance companies would benefit from moving away from a decade-long focus on pricing, which remains competitive and pressured, and ... Read the full article

Positive rate trends continue for most commercial lines: IVANS

12th November 2018

Premium renewal rates continue to see positive increases across nearly all major commercial product lines, according to the October results of the IVANS Index, which tracks commercial premium renewal rates. IVANS, which is a division of Applied Systems, found that premiums increased across almost every major commercial line, with the exception ... Read the full article

Premium growth and rate rises outweigh cat losses for Beazley at Q3

8th November 2018

Strong premium growth across all divisions and an average 3% rate increase on renewal business have driven profits for specialist insurer Beazley at the third quarter of 2018 despite significant catastrophe losses. Gross premiums written by Beazley for the nine months ended 30 September 2018 increased by 11% year-on-year to $1.96 ... Read the full article

Rising P&C reinsurance rates put pressure on Caribbean cedents: A.M. Best

2nd November 2018

Primary property and casualty (P&C) insurers in the Caribbean market remained mired in a protracted soft market cycle, but rising reinsurance costs could force companies to introduce some much-needed rate increases, according to a report by A.M. Best. The rating agency noted that insurers were unable to implement rate enhancements in ... Read the full article

Rates must improve as sector struggles to meet cost of capital: Swiss Re CEO

1st November 2018

Reinsurance giant Swiss Re has underlined the need for further rate improvements across the property and casualty (P&C) industry as the sector continues to struggle to earn its cost of capital. Following years of declining rates and a soft market environment, rates in the highly competitive P&C sector increased at the ... Read the full article

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