Reinsurance News
reserves
Reserve releases benefited reinsurer CoRs by 1.8% in 2023: Gallagher Re
9th April 2024
Analysis by reinsurance brokerage Gallagher Re finds that, on average, reserve releases benefited reinsurance company combined ratios by 1.8% in 2023, a small increase on 2022’s 1.4%, which is far lower than 2014-2018 levels. The contribution of reserve releases to the combined ratio has fluctuated around the 2% mark since 2019, ... Read the full article
Howden raises concerns over reserve deterioration
27th March 2024
Howden, a global re/insurance broker, has outlined concerns regarding reserves stemming from unexpected rises in claims costs and higher inflation. Wolfram Schultz, Head of Casualty for Continental Europe at Howden Tiger, shares his insights on reserving, describing it as “uncertain”. Schultz raises concerns about potential reserve deterioration due to unexpected developments in ... Read the full article
Hannover Re: 2023 operating result hit by “significantly higher” Q4 reserving
6th February 2024
Global reinsurance firm Hannover Re has warned that when it reports its full-year 2023 results, its operating result for the year will be impacted by a resiliency reserve that has been set "significantly higher" than forecast in the fourth-quarter. Hannover Re sets a property and casualty reinsurance resiliency reserve to balance ... Read the full article
Reserve strengthening ‘the best economic outcome’ for AXIS: CFO Vogt
24th January 2024
Peter Vogt, the Chief Financial Officer (CFO) of Bermuda-based specialty insurer and reinsurer, AXIS Capital Holdings, said yesterday that while the firm explored numerous available options, it ultimately felt that strengthening its reserves provides "the best economic outcome for the company." Yesterday, AXIS announced preliminary results for the full year ... Read the full article
AXIS Capital strengthened prior year reserves in Q4’23 by $425m
24th January 2024
Global specialty underwriter and provider of re/insurance, AXIS Capital Holdings Limited, has announced the strengthening of prior year reserves in Q4 2023 by $425 million, pre-tax, or $361 million, after-tax. The company notes that the reserve strengthening is attributable to its insurance and reinsurance segments in liability lines and professional lines ... Read the full article
Further reserve strengthening expected as inflation persists: AM Best’s Carter
9th November 2023
There's been a decline in the positive contribution from reserve releases on combined ratios for reinsurers, and as inflation remains relatively elevated in US markets, further reserve strengthening is expected, according to Greg Carter, Managing Director, Analytics, AM Best. Speaking earlier this week during AM Best's Europe Insurance Market Briefing in ... Read the full article
Growing pressure on insurers as inflation raises concerns over reserve adequacy: Swiss Re
18th July 2023
Mounting uncertainties and increasing pressure on insurers due to inflationary forces, are raising concerns over reserve adequacy in the current economic environment, according to the latest sigma report by Swiss Re Institute. Industry analysts have observed that, excluding workers' compensation, reserve development in the US insurance industry has been unfavourably impacted ... Read the full article
RGA reinsures JPY 153bn of statutory reserves for Daido Life
4th April 2023
Global life and health reinsurer Reinsurance Group of America (RGA) has reached an agreement with Daido Life Insurance Company, a subsidiary of T&D Holdings, to reinsure 153 Billion JPY of statutory reserves through coinsurance. Simon Armand-Smith, Vice President, Business Development, Global Financial Solutions, RGA, commented, “RGA has a long-standing partnership with ... Read the full article
KBW highlights weakening reserve cushions for European reinsurers
26th August 2022
Keefe, Bruyette & Woods (KBW) has released a report highlighting weakening reserve cushions for reinsurers across Europe. According to the report, one of the key findings was that inflation had been eroding European reinsurers’ reserve adequacy for at least a few years before inflation even became a talking point at the ... Read the full article
Global reinsurance maintains “prudent approach” to claims reserving: AM Best
17th August 2022
Greater uncertainty arising from global issues, like the COVID-19 pandemic and the Russia-Ukraine conflict, is driving more conservative reserving approaches in the global reinsurance industry, said AM Best in a recent market report. According to the report, before the severe property catastrophe losses in 2017 and 2018, AM Best analyst’s noted ... Read the full article
Industry reserves strengthen in 2021: Morgan Stanley
1st August 2022
Industry overall (all lines combined) reserves at YE21 are stronger than at YE20, mainly due to excess in recent accident years, according to analysis by Morgan Stanley. This excess, reflects continued conservatism following the Covid-19 pandemic, analysts noted, which varied by claim and by line. They estimate a cushion of about $14 ... Read the full article
Fitch warns of potential P&C reserve deficiencies
27th April 2022
Analysts at Fitch Ratings have warned that US property and casualty (P&C) insurers face the potential for large incurred losses and future reserve deficiencies. Deficiencies could result from a number of unpredictable areas that are difficult to incorporate in reserve adequacy estimates, the rating agency said. Fitch therefore urges conservatism in choosing ... Read the full article
Argo’s AM Best BCAR score lowered on reserve development
13th April 2022
Ratings agency AM Best has revised down its assessment of Argo Group's balance sheet strength from the strongest level to very strong, which reflects a lower Best Capital Adequacy Ratio (BCAR) score on the back of adverse reserve development. On February 9th, 2022, Argo pre-announced that up to $140 million ... Read the full article
Universal shores up reserves, warns of $80m Q4 impact
11th February 2022
Florida headquartered and expansive primary insurance company, Universal Insurance Holdings, has said that it is expecting to incur $80.1 million of costs in the fourth quarter of 2021 due to reserve strengthening measures and adverse development. As a result of taking a more conservative inflationary stance, the company estimates 2021 accident ... Read the full article
P&C loss reserves strengthened during lockdown: Conning
12th October 2021
New analysis by investment management firm Conning shows that the property and casualty (P&C) industry’s overall loss reserve positioned strengthened during global lockdowns last year, ending 2020 in a better position than the previous year. Reserves for private passenger auto, homeowners, workers' compensation, and miscellaneous lines in particular were found to ... Read the full article
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