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.

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

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