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.
Hawaii wildfire loss unusual, but no huge impact to reinsurance renewal process: RLI
25th October 2023
RLI Insurance recorded losses of $66 million from the Maui wildfires in the third quarter of 2023, but while this was a severe event and unusual for the company, it's not expected to have a major impact on the firm's January 1st, 2024, reinsurance renewal process, according to Chief Operating ... Read the full article
Hannover Re’s E+S Rück expects P&C price increases at Jan 24 renewals
23rd October 2023
Hannover Re’s German subsidiary, E+S Rückversicherung AG, has predicted further price increases and improved conditions in the 1 January 2024 renewals in property and casualty reinsurance, according to its comments at the 2023 reinsurance gathering in Baden-Baden. Dr Michael Pickel, Chief Executive Officer of E+S Rück, commented, "We must assume that ... Read the full article
Guy Carpenter CEO Klisura expects continued challenges in property cat reinsurance
20th October 2023
In a recent Marsh McLennan third-quarter earnings call, Dean Klisura, President and CEO of reinsurance broker Guy Carpenter, shared insights into the upcoming January 1 renewal period and the prevailing market conditions in the reinsurance industry. "We expect challenging market conditions to persist for property cat at the upcoming January 1 ... Read the full article
MMC CEO Doyle expects “more orderly” Jan 1st reinsurance renewal
19th October 2023
During Marsh McLennan's third-quarter earnings call, President and Chief Executive Officer (CEO), John Doyle, shared valuable insights into the state of the reinsurance market and the expectations for the January 1st renewal. "As we look to January 1st, the market appears to be more orderly than last year, but we expect ... Read the full article
Reinsurance still needs to demonstrate ability to earn sustainably good margins: Munich Re
19th October 2023
With the key January 1st, 2024, reinsurance renewals fast approaching, there remains an imbalance between supply and demand, amid an expectation of limited capital inflow as the market works to deliver sustainably good margins, according to Munich Re's Clarisse Kopff, Member of the Board of Management. Speaking this morning during the ... Read the full article
Europe faces dynamic changes in risk landscape as €1bn losses surge: Munich Re
19th October 2023
Munich Re has noted that the frequency and severity of weather-related natural catastrophes are increasing in Europe, with an "unprecedented" series of events exceeding the €1 billion mark this year. However, Clarisse Kopff, a Member of the Board of Management, suggests the firm "is in a good position to carry ... Read the full article
Positive pricing outlook for London Market insurers should support underwriting: Goldman Sachs
18th October 2023
At the first half of 2023 results - and while going through a hard market - pricing outlooks remain positive, which should support underwriting margins for London Market insurers, according to Goldman Sachs. At the same time, continued underwriting discipline from reinsurers - as they continue to feel the impact of ... Read the full article
To keep balance, there’s motivation to further increase attachment points: Swiss Re’s Steinman
18th October 2023
While progress was made at the January 1st, 2023, reinsurance renewals on shifting attritional losses back onto the balance sheets of primary insurers, there's motivation to further increase attachment points in certain areas, according to Thorsten Steinman, Head Property & Casualty Reinsurance, Northern, Central & Eastern Europe, Swiss Re. During this ... Read the full article
Xceedance’s on-demand cat modelling services to support reinsurers during renewal times
11th October 2023
Global technology and digital solutions provider, Xceedance is now offering on-demand catastrophe modelling resources to support reinsurers during peak renewal times. In the lead up to a renewal, reinsurers see a significant increase in their catastrophe modelling team’s workload because of higher demands in deal pricing, coverage considerations, renewal comparisons, and ... Read the full article
Caribbean insurers face profit pressure due to challenging reinsurance renewals: AM Best
9th October 2023
Caribbean domestic insurers are grappling with a challenging reinsurance renewal season this year, as per a recent report by AM Best. The region has experienced a reduction in reinsurance capacity between 10% and 15% in 2023, primarily driven by factors such as increased non-modeled events in the United States and Europe, ... Read the full article
Homeowners renewal rates surge in September 2023: KBW
5th October 2023
In a recent report, KBW (Keefe, Bruyette & Woods) has unveiled that homeowners' insurance renewal rates have experienced a significant uptick in September 2023. The estimated industry-wide renewal rate change for homeowners' insurance policies stood at a remarkable +9.2% year-over-year (YoY) during September. This represents a notable acceleration from August, which saw ... Read the full article
Tower completes FY24 reinsurance placement, lowers catastrophe upper limit
28th September 2023
Kiwi insurer, Tower has completed the renewal of its reinsurance programme for the 2024 financial year, decreasing its catastrophe upper limit to $750 million. Tower says that is has secured a comprehensive reinsurance programme at competitive rates for home, motor, boat, and commercial portfolio cover, across New Zealand and the Pacific, ... Read the full article
January renewals likely to be orderly: JMP Securities
21st September 2023
With the property hard market firmly intact, the upcoming January 1st renewal is set to be much more orderly than last year, said JMP Securities analysts as they share their comments following the RVS 2023 in Monte Carlo. “Overall, we see the upcoming renewal as being highly orderly, with price movements ... Read the full article
CCR Re sees many opportunities to grow, says Deputy CEO Montador
15th September 2023
French reinsurer CCR Re is optimistic about the future following continued development and is confident of profitable growth, supported by its new ownership and capital injection, according to Deputy Chief Executive Officer (CEO), Laurent Montador. In an interview with Reinsurance News at the annual meeting of the reinsurance industry in Monte ... Read the full article
Most repricing completed, focus now on maintaining discipline ahead Jan renewals: UIB CEO
14th September 2023
The hard market is not necessarily over, but most of the work of repricing has been done and the market is talking more about maintaining discipline, Shaun Barrington, CEO of UIB UK, commented speaking with Reinsurance News at the RVS 2023 Monte Carlo event. He said: “I believe that the renewal ... Read the full article
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