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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.

RenRe CEO “very optimistic” heading into Jan 1 renewals

29th October 2020

Kevin O'Donnell, President and CEO of Bermuda-based reinsurer RenaissanceRe (RenRe), has said that he is “very optimistic" about opportunities for the company as it head into the January 1 renewals, despite it having reported a large underwriting loss for Q3. RenRe is anticipating a supply/demand imbalance in certain areas of ... Read the full article

AFG’s earnings up in Q3 as firm reports highest P&C renewal pricing in 15 years

29th October 2020

American Financial Group, Inc. (AFG) has reported net earnings of $164 million for the third-quarter of 2020 and core net operating earnings of $217 million, compared with earnings of $147 million and $205 million, respectively, in the third-quarter of 2019. AFG notes that the year-on-year increase in core net operating earnings ... Read the full article

A tsunami of price & condition strengthening is coming, says Peak Re CEO Hahn

14th October 2020

After a prolonged soft market state, characterised by fading margins amid low interest rates, elevated catastrophe losses and inadequate rates, the reinsurance industry can expect to see a significant amount of price and condition strengthening, according to Franz Josef Hahn, Chief Executive Officer (CEO) of Hong Kong reinsurer, Peak Re. "Everybody ... Read the full article

Positive rate momentum evident across all core lines: Hamilton CEO Albo

29th September 2020

Bermuda-based insurer and reinsurer, Hamilton Insurance Group, is witnessing rate increases across all of its core lines of business and expects this more favourable trend to persist into 2021, according to the company's Chief Executive Officer (CEO), Pina Albo. Read the full article

FEMA commences 2021 NFIP reinsurance renewal process

18th September 2020

The Federal Emergency Management Agency (FEMA) has returned to the traditional market and begun its procurement of reinsurance for the National Flood Insurance Program (NFIP), to be effective on or about January 1st, 2021. After testing the market with a limited placement in 2016, FEMA's NFIP has been leveraging reinsurance protection, ... Read the full article

SCOR execs anticipate more demand for re/insurance next year

15th September 2020

Senior executive officers from SCOR have said they are expecting to see increased demand for insurance as the market heads into the 2021 renewals, with primary players also looking to secure more reinsurance to protect their capital. Last week, SCOR said that it viewed current P&C market conditions as very ... Read the full article

More rate needed for industry to be sustainable: Swiss Re CEO Mumenthaler

14th September 2020

The reinsurance industry needs to secure more in the way of rate increases for it to be sustainable, according to Swiss Re's Group Chief Executive Officer (CEO) Christian Mumenthaler. Speaking in a video interview for the Artemis Live series from our sister website, ... Read the full article

Reinsurance price increases “absolutely essential” in 2021: Hannover Re

14th September 2020

Against the backdrop of ongoing COVID-19 losses and a low interest rate environment, Hannover Re has argued that continued reinsurance rate increases are “absolutely essential” next year. In a new release that was planned for this year’s cancelled Monte Carlo meet-up, Hannover Re says it anticipates “significant price increases” spanning the ... Read the full article

“Timid” price increases not enough to cover exposure, says Swiss Re

11th September 2020

Executives at reinsurer Swiss Re have said that further rate improvements are needed after "timid" price increases across the reinsurance sector, which have ultimately failed to compensate for years of premium decline and the elevated claims load. Addressing the media this week as part of Swiss Re's virtual Rendez-Vous de Septembre ... Read the full article

BI uncertainty will not be resolved by Jan 1: GC’s Lara Mowery

11th September 2020

Lara Mowery, Global Head of Distribution at reinsurance broker Guy Carpenter (GC), has argued that the upcoming January 1 renewals are likely to be complicated by continued uncertainty about the scale of business interruption losses stemming from the COVID-19 pandemic. Speaking as part of a press briefing in which GC executives ... Read the full article

Expect “low double-digit” price rises at Jan 1 reinsurance renewals, says Fitch

9th September 2020

On the back of consecutive years of rate increases at the mid-year across most lines of property and casualty (P&C) reinsurance business, Fitch Ratings expects to see low double-digit price rises at the important January 1st, 2021 renewals. Positive rate momentum in the reinsurance industry continued at the April and June/July ... Read the full article

Swiss Re expects rate hardening to continue; sees underwriting discipline as key

8th September 2020

Reinsurance giant Swiss Re expects to see further rate hardening across all lines of business at the upcoming renewals, driven by a combination of the low interest rate environment and the need to cover rising loss trends. Further rate hardening in reinsurance is expected on the back of price improvements in ... Read the full article

“Undisputed” re/insurance market hardening to persist: Jeworrek, Munich Re

7th September 2020

Re/insurance market hardening, in relation to price increases and renewed discussions around terms and conditions (T&Cs), is expected for "probably the next two years, or even a bit longer," according to Torsten Jeworrek, Chief Executive Officer (CEO) of Reinsurance at Munich Re. With the annual, September meeting of the reinsurance industry ... Read the full article

2020 a critical year for reinsurers: AM Best

3rd September 2020

AM Best analysts have described why, in terms of both challenges and opportunities, 2020 is a critical year for reinsurers. Current hardening pricing conditions are said to be creating a window of opportunity for reinsurers, with property catastrophe, specialty lines, and some US casualty lines showing much-needed improvement in pricing and ... Read the full article

Meaningful reinsurance rate increases into 2021: Fitch

1st September 2020

Meaningful reinsurance rate increases should be expected into 2021 at the January renewals as overall pricing is inadequate, according to Fitch Ratings. Analysts note how there's also still uncertainty surrounding the pandemic and that there still remains a capacity-constrained dislocated retrocession market. Reinsurers are expected to take advantage of the most favourable market ... Read the full article

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