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.
Average premium renewal rates up in November for most lines: IVANS
6th December 2019
The November results of the IVANS Index, a division of Applied Systems, shows that year-over-year, all lines of business, with the exception of Workers' Compensation, experienced an increase in average premium renewal rate. Month-over-month, November experienced varying premium renewal rate change across most Commercial Lines products, with rises seen in General ... Read the full article
Pricing power to challenge reinsurers in 2020, says Deutsche Bank
4th December 2019
While pricing has picked up over the past couple of years, Deutsche Bank analysts argue that the level of increases post-major events is not as large as it might have been several years ago and remains a challenge for reinsurers going into 2020. While an oversupply of capacity and the resulting ... Read the full article
SCOR renews €300mn catastrophe & mortality contingent capital facility
4th December 2019
Global reinsurance giant SCOR has announced the launch of a new three-year, €300 million contingent capital facility, providing the firm with protection against extreme natural catastrophes or life events impacting mortality. The facility takes the form of a contingent equity line, and is the fourth launched by SCOR, replacing as of ... Read the full article
Industry survey reveals expectation of heightened reinsurance use
21st November 2019
The large majority of respondents to our second annual reinsurance market survey, in collaboration with sister-site Artemis, expect to purchase roughly the same or a little more reinsurance protection at the upcoming renewals. The 2019 edition of the global reinsurance market survey features responses from hundreds of ... Read the full article
FEMA commences procurement of 2020 NFIP reinsurance renewal
19th November 2019
The U.S. Federal Emergency Management Agency (FEMA) has started its procurement process for the renewal of a flood reinsurance programme, designed to protect against flood risks in the U.S. that are insured by the National Flood Insurance Program (NFIP). FEMA has returned to the traditional market for its NFIP reinsurance program ... Read the full article
Property market still hardening, set to persist through 2020: WTW
18th November 2019
Pricing conditions in the property re/insurance market have continued to harden over and above baseline predictions, with rate increases set to persist through 2020, according to broker Willis Towers Watson (WTW). The current “micro-hard market” has produced pricing increases of between 50% and 100%, according to WTW’s numbers, with some challenged ... Read the full article
P&C pricing momentum unlikely to result in hard market, says Fitch
14th November 2019
While favourable pricing trends in the US property and casualty (P&C) market have been gaining some momentum this year, analysts at Fitch Ratings do not believe these increases are likely to cause a return to hard market conditions. Competitive forces and less favourable claims trends in some key segments make it ... Read the full article
Willis Towers Watson sees “biggest upward price shift in years”
13th November 2019
Global insurance and reinsurance brokerage, Willis Towers Watson (WTW) expects 19 lines of business to see price increases in 2020 in what the firm describes as the "biggest upward price shift in years." The broker has released its 2020 Insurance Marketplace Realities report, which concludes that North American commercial insurance buyers ... Read the full article
Reinsurance industry CEOs frustrated at pricing environment
11th November 2019
Insurance and reinsurance industry Chief Executive Officers (CEOs) have expressed frustration at the reinsurance pricing environment and have highlighted a reliance on primary rate increases. This is according to CEOs who spoke at the 2019 Bermuda Reinsurance Conference hosted by S&P Global Ratings last week. The event took place over November ... Read the full article
Opportunity at Jan renewals better than a year ago, says Lancashire CEO
8th November 2019
As positive rate momentum continues across virtually all lines of business, the Group Chief Executive Officer (CEO) of Lancashire Holdings Limited, Alex Maloney, is confident that the opportunity at the upcoming January renewals is better than what it was a year ago. The underwriting environment is "transitioning to the harder stage ... Read the full article
Everest increasingly optimistic as market dislocation creates opportunity
6th November 2019
The global re/insurance industry would have hoped for a chance to regroup in 2019 following the volume of losses over the previous two years, but instead, further losses have driven additional market dislocation, which in turn creates opportunity, according to John Doucette, EVP, President and Chief Executive Officer (CEO) of ... Read the full article
Global reinsurance market survey results show positive price expectation
4th November 2019
For the second year running we’ve collaborated with our ILS focused sister-site Artemis to conduct a survey designed to take the temperature of the global reinsurance market. This year’s survey included responses from hundreds of identifiable market participants, including numerous company CEOs and senior decision makers. Overall, approximately 72% ... Read the full article
Heritage concerned about retro capacity at 2020 renewals: CEO Lucas
4th November 2019
The number one issue at the upcoming reinsurance renewals is likely to be a lack of capacity in the retrocessional market, according to Bruce Lucas, Chairman and CEO of property and casualty (P&C) insurance holding company, Heritage Insurance Holdings, Inc. Lucas’s comments came as part of Heritage’s third quarter earnings call, ... Read the full article
Hiscox grows premiums 7% YTD, sees more rate firming ahead
4th November 2019
Hiscox Group has grown its overall business by more than 7% in 2019 so far, as the insurance and reinsurance company takes advantage of higher rates and looks forward to what it believes will be a third year of firming prices in the London market. Hiscox has experienced growth across its ... Read the full article
More rate improvements ahead after market pain in 2019: AXIS CEO Benchimol
1st November 2019
AXIS Capital is anticipating ongoing insurance and reinsurance pricing increases into the 2019 renewals and beyond, according to its Chief Executive Officer (CEO), Albert Benchimol. Speaking during the firm’s third quarter earnings call, Benchimol explained that rates remain inadequate in many lines, and should be spurred on by the further “pain” ... Read the full article
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