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.
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
Reinsurer capital down 12% in 2022, but underlying ROE improves: Gallagher Re
5th April 2023
New analysis from Gallagher Re, the global reinsurance broker, shows that total, dedicated reinsurance capital fell by 12% from the end of 2021 to $638 billion as at the end of December 2022, driven by a decline in the value of investments. The broker's latest reinsurance market report tracks the capital ... Read the full article
Tide lifting all boats across reinsurance market: Gallagher Re’s Vickers
4th April 2023
Reflecting on the April renewals, James Vickers, Chairman International, Reinsurance at Gallagher Re, says “the tide is lifting all boats” across the reinsurance market as improved conditions were maintained from the earlier January period and swept across even the smaller markets. Gallagher Re’s 1st View report concludes that the 1/4 ... Read the full article
Aon optimistic after orderly April 1st reinsurance renewals
4th April 2023
The supply / demand imbalance in the property catastrophe reinsurance market seen at January 1st showed signs of easing at the April 1st renewals, leading broker Aon to be optimistic that the market is "now on a more stable footing following a turbulent 1/1". Aon has released its April Reinsurance Market ... Read the full article
Supply/demand dynamic remains “delicately poised”: Gallagher Re
3rd April 2023
Analysts at Gallagher Re have warned that the overall reinsurance supply/demand dynamic remains “delicately poised,” as sufficient capital was available to meet client needs during the April renewals, but could prove more constrained in other markets going forward. Writing in Gallagher Re’s 1st View report on the 1/4 renewal, Global CEO ... Read the full article
Reinsurers maintain discipline at challenging April renewal: Gallagher Re
3rd April 2023
The April 1 reinsurance renewals saw a continuation of trends from the earlier January period this year, with reinsurers broadly maintaining discipline and driving up rates across all geographies, Gallagher Re reports. The broker’s 1st View report notes that the 1/4 renewal proved “challenging” for reinsurance buyers, who were unable to ... Read the full article
APAC April reinsurance renewals on sounder footing than turbulent 1/1: Aon
30th March 2023
APAC (Asia-Pacific) renewals are proceeding in an orderly fashion as the reinsurance market finds itself on a more sustainable footing following a turbulent 1/1, suggests Aon Reinsurance Solutions APAC CEO, George Attard. Attard states that April 1 is a significant renewal for the Asia Pacific region, which is an important catastrophe ... Read the full article
The market needed a reset to attract critical support of capital providers: Hough, Aspen Re
28th March 2023
The last few months of last year were a turning point for the reinsurance market, as the need to reset pricing and achieve more sustainable long-term rate adequacy intensified, leading to probably the most distressed market that Philip Hough of Aspen Re has ever experienced. Hough has been the Global Head ... Read the full article
Challenging times for aviation, specialty lines remain attractive to reinsurers: Aon’s Skilton
21st March 2023
Aviation lines face challenging reinsurance renewals in 2023, yet specialty lines continue to provide reinsurers with opportunities, according to Aon’s Global Head of Specialty and Aviation, Mark Skilton. Having experienced complex and challenging reinsurance renewals on January 1st, aviation insurers face an uncertain market in 2023, a trend that according to ... Read the full article
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