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.
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
P&C market favourable for smaller, niche players: JP Morgan
25th October 2019
Smaller, niche carriers are particularly well positioned to take advantage of favourable conditions in the property and casualty (P&C) re/insurance market, according to analysts at JP Morgan. In a new report, the firm said it expects smaller players to accelerate their market share gains as larger market leaders retrench in an ... Read the full article
Improved reinsurance market conditions may fade, warns Fitch
25th October 2019
Analysts at Fitch Ratings have warned Bermudian reinsurers that improved reinsurance market conditions and the subsequent positive influence on underwriting results may not last. After a more meaningful shift in pricing at the latest renewals season following disappointing rate movements through 2018 and into early 2019, on the back of consecutive ... Read the full article
Typhoons to boost Japanese reinsurance rates, but not market-wide: Barclays
17th October 2019
The substantial industry losses stemming from Japanese typhoons in 2019 will provide a boost to affected regional lines, but are unlikely to trigger a sharp recovery in wider property and casualty (P&C) reinsurance prices, according to analysts at Barclays. With insured losses from Typhoons Faxai and Hagibis now pegged at between ... Read the full article
Rate divergence continues for upstream & downstream energy: Marsh JLT Specialty
17th October 2019
A new report from Marsh JLT Specialty has highlighted the ongoing divergence in rates between upstream and downstream energy markets, as the upstream market continues to struggle to achieve meaningful increases. In contrast, downstream energy rates are gaining more traction, driven by withdrawals and cutbacks in capacity. Other specialty lines – including ... Read the full article
Casualty markets undergoing abrupt shift to profitability: Lockton
14th October 2019
Pricing adequacy has continued to increase across the US casualty re/insurance market, with some lines undergoing an abrupt shift to a renewed focus on profitability, according to global re/insurance brokerage Lockton. The umbrella and excess casualty markets in particular have seen a positive turn, Lockton said, with carriers now demanding higher ... Read the full article
Property underwriting improvements to continue through early 2020: Lockton
10th October 2019
Analysts at global re/insurance brokerage Lockton expect the more discerning approach of underwriters in the US property market to continue through at least into early 2020, based on performance this year. Lockton noted that there is still plenty of capital in the marketplace, but deployment is becoming tighter, leading to an ... Read the full article
P&C rate increases climb to 4% in third quarter: MarketScout
9th October 2019
US property and casualty (P&C) insurers continued to see rate increases in almost every industry and line of coverage during the third quarter of 2019, according to analysts at MarketScout. The composite rate increase in Q3 was 4%, climbing from 3% in the previous quarter. By line of coverage, auto underwriters increased ... Read the full article
Reinsurance pricing could be jeopardised by capital influx, reports suggest
4th October 2019
The much-improved pricing environment in the reinsurance sector could be jeopardised if catastrophe losses remain low for the rest of 2019, according to reports from the Financial Times, as an influx of alternative capital capacity returns to the market. The publication noted that reinsurers have benefited from lower level of natural ... Read the full article
D&O rates improve as carriers push to restore profitability: Fitch
30th September 2019
Premium pricing has improved significantly for directors and officers (D&O) liability in 2019 as carriers work to restore profitability, according to analysts at Fitch Ratings. Fitch noted that D&O liability business has seen several years of weaker performance, driven by flat premium growth and less favourable claims trends in a shifting ... Read the full article
Price increases will fall short of hard market: Canaccord Genuity
18th September 2019
While the industry seems confident that rates will continue to increase in 2020, analysts at Canaccord Genuity argue they will not be enough to move reinsurance into ‘hard market’ territory. Based on its meetings at the Reinsurance Rendezvous in Monte Carlo this year, Canaccord Genuity believes that the market is anticipating ... Read the full article
Jebi losses stabilising, set to drive price firming in April: JMP Securities
16th September 2019
Analysts at JMP Securities believe that insured losses from Typhoon Jebi appear to be stabilising in the region of $15 billion to $16 billion. If losses do ultimately settle at this level, the cost to the insurance and reinsurance industry will have been more than twice as high as initial estimates ... Read the full article
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