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.
Munich Re expects to see considerably higher reinsurance rates in Europe
18th October 2021
Global reinsurer Munich Re is anticipating continued reinsurance market hardening in Europe at the January 1st, 2022 renewals, while major losses and inflation trends suggest more pricing discipline. "Rising prices for various assets and the latest major losses make considerably higher reinsurance rates in Europe likely," said Doris Höpke, Member of ... Read the full article
European climate losses to push rates at 1/1: Swiss Re’s Kramer
14th October 2021
Beat Kramer, Head Property Underwriting EMEA at Swiss Re, has said that he expects reinsurance rate increases to continue at the upcoming January renewals, in part due to the level of catastrophe losses experienced in Europe this year, which are viewed as having been exacerbated by climate change. Speaking during a ... Read the full article
Not a true hard market, but there’s more to come: Aspen’s Christian Dunleavy
8th October 2021
Despite improvements, it’s still not a true hard market and the reinsurance arena is likely lagging the primary space and needs to push for more rate adequacy, according to Christian Dunleavy of Aspen Insurance Holdings Limited. Dunleavy, who serves as Chief Underwriting Officer (CUO) of Aspen Re, and Chief Executive Officer ... Read the full article
Everything points in the same direction – further hardening: MAPFRE RE CUO San Basilio
16th September 2021
While rate momentum has slowed somewhat throughout 2021, the current favourable reinsurance market environment is expected to persist into 2022 amid ongoing pressures from the pandemic, natural catastrophes and social inflation, according to Javier San Basilio, Chief Underwriting Officer (CUO) for MAPFRE RE. In a recent interview with Reinsurance News, San ... Read the full article
Further reinsurance rate increases needed through 2022: Berenberg
16th September 2021
Analysts at Berenberg believe that hardening market conditions will continue through into 2022, as reinsurers seek to earn returns above their cost of capital in the face of ultra-low interest rates, social and cost inflation as well as a prolonged period of above-average natural catastrophe losses. Berenberg’s key takeaway from its ... Read the full article
Further reinsurance price adjustments are ‘unavoidable’, says Hannover Re
13th September 2021
Global reinsurer Hannover Re expects further price increases in property and casualty reinsurance and improvements in terms and conditions in 2022, as heightened risk awareness drives greater demand for high-quality protection. "In property and casualty reinsurance there is a need for further rate increases. Only in this way will reinsurers be ... Read the full article
Reinsurance buyers expect further price rises in low single digits: Moody’s
8th September 2021
The results of a new survey by Moody’s show that property and casualty (P&C) reinsurance buyers expect prices to rise further in 2022 across all lines, but only at a low single digit percentage range. This expectation compares with the high single digit or even double digit increases that the market ... Read the full article
Reinsurance market environment is positive, but pricing must stay in place: Munich Re’s Jeworrek
7th September 2021
Overall, the re/insurance market environment is "very positive", but in order for the industry to be able to cover rising losses from natural catastrophes, it's "absolutely necessary that we keep this price level in place," according to Dr. Torsten Jeworrek, Munich Re's Chief Executive Officer (CEO) of Reinsurance. Global reinsurer Munich ... Read the full article
Rates need to and will harden further: Swiss Re CEO Mumenthaler
7th September 2021
Further reinsurance market hardening is expected in the months ahead as the severe flooding in parts of Europe in July and the more recent impacts of Hurricane Ida serve as a stark reminder of the issues at hand, according to Christian Mumenthaler, Chief Executive Officer (CEO) of Swiss Re. Read the full article
Europe’s major reinsurers grew 11% at mid-year 2021 renewals: Litmus Analysis
2nd September 2021
Europe's four major reinsurers renewed roughly €12 billion of treaty premium at the mid-year 2021 reinsurance renewals, with an average risk-adjusted price increase of 2.1%, according to research from Litmus Analysis. The €12 billon of renewed treaty premium represents growth of 11%, which is an improvement on the 5% growth recorded ... Read the full article
Insurance renewals demand ESG transparency: Aon
24th August 2021
With environmental, social and governance (ESG) playing an increasingly important role in the re/insurance market, analysts at Aon have argued that setting clear and transparent ESG targets will be critical for companies during their renewals. Aon cited research that shows ESG based assets could exceed US$53 trillion by 2025, representing more ... Read the full article
Allstate fills reinsurance tower gap, bolsters Florida progam
5th August 2021
US primary insurer Allstate has successfully filled out a $400 million gap fill layer of protection in the per occurrence tower for its Nationwide excess catastrophe reinsurance program, while also significantly expanding its Florida coverage. The company recently disclosed that it had eroded $253 million of its 2019-1 Sanders ... Read the full article
Aon sees equilibrium in property market as rate increases ease
3rd August 2021
Re/insurance broker Aon has pointed to a “new equilibrium” in the property reinsurance market, as pricing momentum continued to slow through the mid-year renewal period. As part of its latest Reinsurance Market Outlook report, Aon reflected on what it considered to be “orderly” June and July reinsurance renewals, in which trends ... Read the full article
Assurant details reinsurance coverage for 2021
8th July 2021
US specialty insurance group Assurant has detailed its 2021 property catastrophe reinsurance program, which provides $965 million of coverage in excess of a $80 million retention for a first event, with retention lowering to $55 million for a second and third event. The company decided to reduce its retention for certain ... Read the full article
Discipline holding as market balance returns: Willis Re’s Vickers
7th July 2021
James Vickers, Chairman of Willis Re International, has said that “discipline is still there,” even as the latest edition of the broker’s 1st View Report shows that recent reinsurance price increases have brought the market close to equilibrium. Speaking in an interview with Reinsurance News, Vickers noted that the reinsurance market ... Read the full article
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