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.

Pricing pressure faded at nuanced Japan renewals: Gallagher Re

8th April 2022

Analysts at Gallagher Re have reported that continued reinsurer pricing pressure faded during the course of the April 1 renewals in Japan, which was characterised by an “orderly” process with nuanced pricing dynamics. For property catastrophe excess of loss business in Japan, Gallagher Re reported that a limited amount of new ... Read the full article

Florida renewals to be toughest in recent memory: analysts

6th April 2022

Analysts at JMP Securities have warned that the upcoming June 1 Florida reinsurance renewals are set to be “one of the toughest in recent memory,” as conditions in the state continue to be regarded as unsustainable. Last week, rating agency Demotech suggested that up to 20 Florida carriers could be downgraded ... Read the full article

Calm April renewals dominated by an orderly Japanese market: Vickers, Gallagher Re

1st April 2022

Both buyers and sellers of protection managed expectations well at the April 1st, 2022, reinsurance renewals, driven by its heavy focus on the disciplined Japanese market, resulting in a calm 1/4, according to James Vickers, Chairman International, Reinsurance at Gallagher Re. We spoke with Vickers around the launch of reinsurance broker ... Read the full article

Inflation a hot topic at “balanced” April reinsurance renewals: Gallagher Re

1st April 2022

During an "undramatic" and "balanced" April 1st, 2022, reinsurance renewals season, there was widespread discussion about inflation as reinsurers were keen to understand its impact on cedants' portfolios, reports Gallagher Re. The reinsurance broker's latest April 1st View report was released this morning, revealing modest reinsurance rate increases characterised by an ... Read the full article

European reinsurers grow portfolios by 10% at Jan renewals: Litmus

18th March 2022

Data compiled by Litmus Analysis shows that the largest four European reinsurers - Hannover Re, Munich Re, SCOR and Swiss Re, grew their combined portfolio by 10% at the January 2022 renewals. This is a 5% portfolio growth from last year’s January renewals, however certain reinsurers’ portfolios grew by an ... Read the full article

February marks increase for most premium renewal rates: IVANS

11th March 2022

IVANS, a division of Applied Systems, has released the February results of its insurance premium renewal rate index, which shows that nearly all lines of business, except Workers’ Compensation, experienced an increase in average premium renewal rate. Month over month, premium renewal rates increased for lines of business including Business Owners’ ... Read the full article

AXIS hopeful upward rate momentum will continue: Ann Haugh

21st February 2022

After a late January 1st, 2022, reinsurance renewals season with evident disruption, Bermuda-based AXIS Capital Holdings Limited feels that some of the positives suggest a continuation of the current rate and market environment, according to Ann Haugh, the firm's President of Global Property Reinsurance. Executives from global insurer ... Read the full article

Allianz grows aggregate reinsurance and lifts catastrophe budget for 2022

21st February 2022

Global insurance carrier Allianz has expanded its aggregate reinsurance protection for 2022 and also raised its catastrophe budget for the year, after the company experienced a particularly high burden from nat cat losses in 2021. Allianz's recently published full year 2021 financial results show that the insurer recorded net natural ... Read the full article

QBE ups reinsurance spend at renewal, adds top layer

18th February 2022

Australian insurer and reinsurer, QBE Insurance Group Limited, has reported on the details of its reinsurance renewal for 2022, which included increased costs of $50 million for its Core Group Program, as well as the addition of a new catastrophe top layer for Australia and New Zealand. Coming out of the ... Read the full article

December 2021 one of the toughest property renewal seasons: Liberty Mutual Re

18th February 2022

According to Liberty Mutual Re's Underwriting Manager James Green, December 2021 was one of the toughest property renewal seasons for all territories in a long time, with 2021 losses, and to a certain extent 2020 losses, particularly related to the COVID-19 pandemic, continuing to increase within the industry. Other events which ... Read the full article

AIG ‘very pleased’ with core reinsurance placements at Jan 1: CEO Zaffino

17th February 2022

The Chairman and Chief Executive Officer (CEO) of global insurer AIG, Peter Zaffino, said today that the carrier is "very pleased" with the outcome of its core reinsurance placements at the January 1st, 2022 renewals, despite limited retrocessional and other capacity issues. AIG has been evolving its use of reinsurance for ... Read the full article

Property cat pricing hasn’t improved enough to justify the exposure: Everest Re CEO Andrade

11th February 2022

Property catastrophe reinsurance pricing has been on the rise for some time now, but when you consider the impacts of consecutive above-average years of natural disaster events and losses, exacerbated by climate change, it simply hasn't moved enough, according to Juan Andrade, President and Chief Executive Officer (CEO) of Everest ... Read the full article

ARPC successfully renews $3.475bn terrorism retro program for 2022

9th February 2022

The Australian Reinsurance Pool Corporation (ARPC), which administers the country's terrorism insurance scheme, has renewed its $3.475 billion retrocession program for 2022 at the same price as the previous year. Combined with ARPC's net assets and the $10 billion Commonwealth guarantee, the renewal of the retro program provides scheme capacity of ... Read the full article

SCOR’s lower cat exposure driven by climate change not retro pricing, says Conoscente

8th February 2022

The 11% reduction of catastrophe exposures on SCOR's P&C in-force portfolio for 2022 was driven by the reinsurer's adjusted view of risk due to climate change, as the price rises achieved on the cat portfolio offset higher retrocession rates, according to Jean-Paul Conoscente, Chief Executive Officer (CEO) of SCOR Global ... Read the full article

SCOR grows P&C premiums by 19% at ‘complex’ Jan reinsurance renewals

8th February 2022

French reinsurer SCOR has reported premium growth of 19% and an overall average price increase of +4.9% in P&C reinsurance at a "complex" and "prolonged" January 1st, 2022 renewals. SCOR notes that 1/1 "evidence the continuing hardening of the P&C treaty reinsurance market," driven by heightened losses from natural catastrophes, attritional ... Read the full article