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.
Hannover Re achieves better prices & conditions at Jan 1 reinsurance renewals
8th February 2023
German reinsurer Hannover Re has reported that it achieved an inflation and risk-adjusted price increase on renewed business of 8.0% in the 1 January 2023 treaty renewals in traditional property and casualty reinsurance. Hannover Re suggests that the market environment at the renewals was challenging for all, citing Russia's war against ... Read the full article
European property cat rates-on-line increased 30% at January renewals: Guy Carpenter
7th February 2023
Data from global reinsurance broker Guy Carpenter shows that property catastrophe rates-on-line in Continental Europe increased by 30% at the January 1st, 2023, renewals, marking the largest single rise since 2001. This is according to Guy Carpenter's Continental Europe Property Catastrophe Rate-On-Line Index, which shows that the average rate-on-line for ... Read the full article
SCOR shrinks in P&C by 20% at Jan renewals as it targets better technical profitability
7th February 2023
Insurer and reinsurer SCOR saw an overall decline in estimated gross premium income (EGPI) of -12% for renewed business at the January 1st, 2023, reinsurance renewals, as the firm further reduced its exposure to natural catastrophe risks, and looked to optimise capital allocation by line and client. SCOR notes a renewal ... Read the full article
Aviation market had “most challenging renewal” in over two decades: Aon
6th February 2023
Analysts at Aon have said that the aviation market experienced its most challenging renewal in over two decades at 1/1, with significant rate increases and coverage restrictions. In a new report on January reinsurance market dynamics, the broker noted that insurers with reinsurance renewals in 2023 face an “uncertain market”, with ... Read the full article
Reinsurance market shift an opportunity to re-set profitability: JP Morgan
2nd February 2023
Analysts at JP Morgan have suggested that the reinsurance market shift is an opportunity for companies to re-set profitability and rebuild buffers. JP Morgan's analysts state that additional exposure growth on top is a bonus, though this is not something that the firm is looking out for. They write, "For the first ... Read the full article
Jan 2023 renewals one of the most profound in RenRe’s history: CEO O’Donnell
2nd February 2023
The structural shift and reset in relationships between insurers and reinsurers at the January 1st, 2023, reinsurance renewals, has created a more stable, long-term equilibrium, and has resulted in one of the most pivotable 1/1 renewals in the history of RenaissanceRe, according to the firm's President and Chief Executive Officer ... Read the full article
US property cat reinsurance rates-on-line up 30.1% at January renewals: Guy Carpenter
2nd February 2023
The Guy Carpenter U.S. Property Catastrophe Rate on Line Index increased by a significant 30.1% at the January 2023 reinsurance renewals, taking rates to an all-time high, according to the latest data from the global reinsurance broker. Guy Carpenter, which is Marsh McLennan's reinsurance broking arm, has been ... Read the full article
Reinsurance the smartest approach to cyber as AXIS gets more comfortable with the tail: CEO Benchimol
1st February 2023
After renewing its cyber treaty at the January 1st reinsurance renewals, AXIS Capital Holdings, the Bermuda domiciled global insurer and reinsurer, is "very satisfied" with the program it secured, as it continues to add more comfort around the tail risk, according to Albert Benchimol, President and Chief Executive Officer (CEO). Read the full article
The industry has experienced a rough ride, but it’s a great place for us to be: Conduit’s Carvey
1st February 2023
The re/insurance industry has witnessed a “structural shift” in the marketplace throughout the 1/1 renewals, says Trevor Carvey, Chief Executive Officer, Conduit Re. During Conduit’s 1/1 renewals trading update conference call, Carvey stated that the rise in inflation that has been emerging through has been recognised by both the client base ... Read the full article
Heavy loss years often followed by innovation in the market: Aeolus’ Dutt
1st February 2023
Speaking at an AM Best expert panel that discussed the need to ford the gap between available capacity and reinsurance demand, Aditya Dutt, President of Aeolus Capital Management, suggested that despite heavy losses in recent years, such times have often acted as a catalyst for innovation in the market. Dutt described ... Read the full article
High inflation & spikes in interest rates cause challenging renewal season: Aon
31st January 2023
Aon’s January Reinsurance Market Dynamics report: Macro Conditions: Extreme Volatility, cites 2022 as being tricky for the industry, with inflation hitting multi-decade highs, as well as interest rates rising to an almost “unprecedented pace”. The report also noted that equities had their worst year since 2008, and for the first time ... Read the full article
Reinsurers had the upper hand at January cat renewals: Guy Carpenter’s Klisura
30th January 2023
Dean Klisura, President and CEO of Guy Carpenter, the reinsurance arm of Marsh Mclennan, has suggested that reinsurers had the upper hand at the January cat renewals. The quote comes from Marsh McLennan's Q4 2022 earnings call, in which Klisura was questioned about changes in client behaviour at the renewals. He said, ... Read the full article
Reinsurers fared well during Jan renewals and pricing momentum will persist: S&P
30th January 2023
While all parties found the January 1st, 2023, reinsurance renewals very challenging, reinsurers were disciplined and fared well on the back of further market hardening, and it's expected that reinsurance pricing momentum will continue for the upcoming renewals in 2023, according to S&P Global Ratings. "It appears that the hard market ... Read the full article
AXIS lost <$10m of desired renewals after property cat exit: Benchimol
27th January 2023
AXIS Capital CEO Albert Benchimol has reported that his company feels “encouraged” by the fact it lost less than $10 million of desired renewals following its exits from property and property catastrophe reinsurance business. “In the end, we successfully balanced substantially all the non-property-related renewals that met our thresholds,” he said ... Read the full article
Alternative capital shortage has rippled through property markets: RBC
26th January 2023
Analysts at RBC Capital Markets have suggested that a retrenchment in the alternative capital space has led to a further tightening of the retro market from 2022, causing a “ripple effect” on the available of capacity in the reinsurance property markets. Commenting on the current hard market environment and on specialty ... Read the full article
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