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.
1.4 methodical & measured as pricing momentum continued: Swiss Re
9th May 2023
"While 1.1 was quite uncertain, 1.4 was much more methodical, market and economic conditions and dynamics didn’t change dramatically, so the process was much more measured," suggests Gianfranco Lot, Chief Underwriting Officer P&C Reinsurance at Swiss Re. According to Lot, expectations were better managed for 1.4, as the 1.1 renewal enabled ... Read the full article
Berkshire Hathaway’s property cat exposure up 50% following “attractive” April 1
9th May 2023
Ajit Jain, Vice Chairman of Insurance Operations at Berkshire Hathaway, has suggested that the firm's property cat exposure is almost 50% more than it was half a year ago, adding, "We have written as much as our capacity will allow us to write," amid "attractive" April 1 prices. Jain said, "The ... Read the full article
Validus Re premiums up 40%. Significant rate increases expected in June: AIG CEO Zaffino
5th May 2023
Validus Re, the Bermuda headquartered global reinsurance arm of American International Group (AIG), grew its gross premiums written by an impressive 40% in the first-quarter of 2023, CEO Peter Zaffino explained today. Speaking during the AIG earnings call today, AIG CEO Zaffino explained that the reinsurance business has been growing strongly, ... Read the full article
Top of Allstate’s catastrophe reinsurance tower reduces slightly as cost of program increases
4th May 2023
U.S. primary insurer Allstate has completed the placement of its 2023-2024 Nationwide Excess Catastrophe Reinsurance Program, revealing that the top of the tower has come down slightly from the Q4 2022 update, while the cost of the program has increased year-on-year. At $6.92 billion, the top-end of the tower has come ... Read the full article
Lancashire Holdings CEO expects aviation portfolio growth by year end
4th May 2023
Alex Maloney, the Chief Executive Officer (CEO) of Lancashire Holdings Limited, expects the re/insurer's aviation portfolio to grow by the year end. “We're overall pretty confident that we'll be able to grow our aviation portfolio at the end of the year,” Maloney said in Lancashire's recent first-quarter earnings call. He explained that ... Read the full article
Limited retro capacity causes turbulent renewals in accident reinsurance market: Aon
3rd May 2023
The recent renewals in the Accident, Health, and Life (A&H) reinsurance market have been marked by turbulence due to limited retro capacity in some lines of business, according to Aon's Accident (Re)Insurance April 2023 report. The report highlights that some reinsurers were forced to pay over 100% more in retrocession costs, ... Read the full article
Catastrophe exposed property rates typically up 15-20%, says Miller
26th April 2023
Brokerage Miller Insurance Services has released a report stating that it is seeing property rate increases for clean, non-cat renewals of +10% for loss-affected lines. At the same time, and in contrast to the company’s Q1 update, catastrophe (CAT) exposed business will now typically start at between +15% to ... Read the full article
SCOR “significantly” improves risk/return profile of P&C portfolio at April renewals
20th April 2023
SCOR, one of Europe's big four reinsurance companies, capitalised on the favourable reinsurance market conditions at the April 1st, 2023, renewals, achieving property and casualty (P&C) gross written premium (GWP) growth of 17% to EUR 724 million, excluding agriculture. The reinsurer notes that it "significantly" improved the expected technical profitability and ... Read the full article
TWIA needs $1.043bn of fresh reinsurance for 2023 as Board rejects ILW option
19th April 2023
The Texas Windstorm Insurance Association (TWIA) needs to procure $1.043 billion of new traditional reinsurance limit at the mid-year renewals to take its 2023 tower to the 1-in-100 level of $4.508 billion, with the Board recently declining an industry-loss warranty (ILW) option for the top of its tower. Previously, TWIA's Board ... Read the full article
Insurers give negative feedback on US casualty energy reinsurance renewals: WTW
14th April 2023
According to a report from the global advisory, broking and solutions company, WTW, the initial feedback from insurers regarding January 1 reinsurance renewals for US casualty energy market has not been positive. The treaty renewals have been affected by losses resulting from a combination of various factors such as events in ... Read the full article
Better alignment for Japanese business at 1/4 reinsurance renewals: Gallagher Re
12th April 2023
The April 1 reinsurance renewals saw a better alignment of client and reinsurer expectations in Japan in the casualty market, according to Gallagher Re's 1st View report. For Japanese buyers, both client and reinsurers expectations were better aligned than at January 1, which led to a more orderly renewal process, the ... Read the full article
India’s property cat pricing sees significant uplift at April renewal: Aon
12th April 2023
India's property catastrophe pricing increased by double digits at this April's renewal, a significant uplift for the market by historical standards, and higher than those seen in Japan, suggests Aon. Aon's analysts explain that April is the main renewal for India, as it sees a vast amount of the country’s P&C ... Read the full article
US property rates climb as insurers face “serious cost pressures”: RPS
11th April 2023
Analysts at Risk Placement Services (RPS) have cited how the US property market currently finds itself in turbulent times, due to a combination of internal and external factors affecting market dynamics, adding to pressures that are being felt by all aspects of the insurance value chain. Chief among these is a ... Read the full article
Japan property cat rates rise in “more orderly” April 1 renewals: Gallagher Re
6th April 2023
Early signs of capacity shortages did not materialise for Japanese insurers as the overall supply-demand balance for reinsurance remained “delicately poised” at the April 1 property catastrophe renewals, according to Gallagher Re’s 1st View report. However, even though there was enough capacity available to meet client needs, since the largest capacity ... Read the full article
After years of one step forward one step back, we seem to have got there: Shea, Gallagher Re
5th April 2023
As the underlying return on equity (ROE) surpasses the reinsurance industry’s cost of capital for the first time in a decade, it gives a sense of direction of the way forward and the level of profitability the sector has now reached, according to Brian Shea, Global Head of Strategic & ... Read the full article
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