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.
Structural changes in reinsurance are long lasting: S&P Global at RVS 2023
10th September 2023
After navigating a difficult period reinsurers have pushed hard for improved terms and conditions (T&Cs) and ultimately moved higher up the tower, a move which analysts at S&P Global expect to be long lasting. Speaking at the S&P Global event in Monte Carlo at the 2023 edition of the annual meeting ... Read the full article
Favourable reinsurance market conditions could persist into 2025: Everest’s Williamson
7th September 2023
On the back of an impressive year of rate taking and improving terms and conditions (T&Cs), global insurer and reinsurer Everest expects property market conditions to persist well into next year and potentially into 2025, according to Jim Williamson, EVP, Group Chief Operating Officer, and Head of Reinsurance. As the reinsurance ... Read the full article
Aon calls for stability and closer reinsurance relationships ahead of 2024 renewals
7th September 2023
Andy Marcell, the Chief Executive Officer (CEO) of Aon's Reinsurance Solutions, has stressed that clients will be looking for stability and closer relationships with reinsurers heading into the 2024 renewals, following tough renewals throughout 2023. Insurance and reinsurance broker Aon held its Renewal Season Briefing this afternoon, during which Marcell commented ... Read the full article
Reinsurance market gears up for sustainable growth ahead of Jan 1 renewals: Aon
7th September 2023
In a promising turn of events, the global reinsurance market is poised for a more orderly and predictable renewal season ahead of January 1, 2024. Aon's Reinsurance Renewal Season 2023 report highlights the positive outlook, citing a strengthening of relationships and a balanced supply and demand scenario, all bolstered by the ... Read the full article
Top 20 reinsurers maintained or reduced cat exposure at Jan renewals: S&P
24th August 2023
"Catastrophe risk appetite continues to vary, with more than half of the top 20 global reinsurers maintaining or reducing their natural catastrophe exposures during the January 2023 renewals, despite the improved pricing terms and conditions and rising demand," according to a new report from S&P Global Ratings. S&P's report noted that ... Read the full article
Jan renewals highlighted difference between ‘available’ and ‘deployed’ capacity: AM Best
21st August 2023
“The January 2023 renewals highlighted the mismatch between supply and demand, but it’s also important to recognize the difference between ‘available’ and ‘deployed’ capacity. Available capital is not under pressure; however, the well-established global reinsurers have become much more cautious allocating their capital, which pressures the deployment of capacity,” suggests ... Read the full article
Supply demand equation in reinsurance will not fundamentally change, says Hannover Re CEO
10th August 2023
Jean-Jacques Henchoz, the Chief Executive Officer (CEO) of Hannover Re, said on the company’s earnings call yesterday that there's no signs of a significant influx of capital entering the reinsurance market, with the current supply demand dynamics expected to persist. "Generally, I think the momentum in the market has continued this ... Read the full article
AXIS maintains XOL attachment point at mid-year, renews quota shares at consistent levels
3rd August 2023
When renewing its outwards reinsurance for its property portfolio at the mid-year renewals, Bermuda-based AXIS Capital avoided raising the attachment point on its excess of loss occurrence cover. For its insurance property book of business, AXIS renewed coverage at an attachment point in line with the previous year at $100 million, ... Read the full article
Reinsurer appetite increased amid more stable trading conditions at mid-year renewals: AIG CEO
2nd August 2023
The reinsurance market was more orderly during the key mid-year renewal season and sellers' appetite for more discrete purchases rose somewhat, which helped buyers fill shortfalls experienced at 1/1, according to Peter Zaffino, Chairman and Chief Executive Officer (CEO) of global insurer AIG. Speaking recently during the large primary insurer's Q2 ... Read the full article
Allstate’s reinsurance costs increase as it reduces size of Florida tower
2nd August 2023
U.S. insurer Allstate has completed the placement of its 2023-2024 catastrophe reinsurance programs, which, excluding reinstatement premiums, were secured at a total cost during Q2 2023 and H1 2023 of $242 million and $461 million, respectively, up significantly from $173 million in Q2 2022 and $317 million in H1 2022. The ... Read the full article
Chubb renews global property cat reinsurance program with higher retention
31st July 2023
Global insurer Chubb successfully renewed its global property catastrophe reinsurance program at the April renewal for its North American and International operations, as well as its terrorism coverage, with "no material changes in coverage from the expiring program," although the retention has increased. Effective April 1st, 2023, through March 31st, 2024, ... Read the full article
There’s still pressure, but reinsurance market has found equilibrium in property cat: Aon
28th July 2023
Within reinsurance, pressure remains on the capital side, but opportunities are there and as the market has shifted, it's getting to an equilibrium around pricing property catastrophe risks, according to executives at re/insurance broker Aon. Greg Case, Chief Executive Officer (CEO) and Eric Andersen, President of insurance and reinsurance broker Aon, ... Read the full article
Current hard market has surpassed the post-Andrew market: Everest CEO Andrade
27th July 2023
Juan Andrade, the President and Chief Executive Officer (CEO) of Bermuda-based re/insurer Everest Group, feels that the current reinsurance market is now firmer that it was following the impacts of hurricane Andrew in 1992, as the firm continues to take advantage of strong rate momentum in the property catastrophe space. Speaking ... Read the full article
Airlines face elevated war insurance premiums: Reuters
27th July 2023
Industry sources have told Reuters that they believe airlines could end up paying twice as much for the insurance they need to protect themselves against losses triggered by war as providers of coverage look to offset recent losses. The recent conflict between military factions in Sudan earlier this year led to ... Read the full article
Travelers secures additional hurricane reinsurance at renewal, upsizes Northeast property cat treaty
20th July 2023
US primary insurer Travelers has again increased the size of its Northeast property catastrophe excess-of-loss (XoL) reinsurance treaty by $100 million at the mid-year renewals, during which the firm also entered into a new personal insurance hurricane catastrophe XoL treaty. Renewed at the July 1st, 2023, reinsurance renewals, Travelers' Northeast property ... Read the full article
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