Reinsurance News

Against the backdrop of increasing impacts from climate change, consultancy EY has suggested that property catastrophe reinsurance rates need to rise by 50% at the 2023 renewals, just to offset rising costs of claims and to restore profitability for the re/insurance sector.

Global reinsurance giant Munich Re has released new profit guidance under IFRS 17, with the new accounting regime lifting figures materially, but analysts believe the hard market will also be a significant factor in the €4bn target for 2023.

Some new reinsurance capital could begin to flow in advance of the Florida focused June renewal season at June 1st 2023, according to Chris Dittman, Head of Florida Strategy at Aon’s Reinsurance Solutions.

The current re/insurance market dislocation provides a unique opportunity for the insurance-linked securities (ILS) space to influence the development of a more sustainable industry for the benefit of all parties, according to Kathleen Faries, Chief Executive Officer (CEO), Artex Capital Solutions.

Accelerant, the insurtech that helps members exchange and transfer risk more effectively, while also connecting them with long-term capital, has hired experienced insurance-linked securities (ILS) industry executive Tim Tetlow as the CEO of its Cayman Islands based reinsurer, Accelerant Re (Cayman) Ltd.

The January 2023 treaty reinsurance renewals are running far behind their usual schedule, with only around 5% of the treaty market reportedly having cleared so far, and rate increase indications seemingly rising, analysts at KBW found after a trip to meet with re/insurance executives in Bermuda.

Florida’s property insurance reform Bill continues to make speedy progress through this week’s Special Session of the legislature, with it now having passed the Senate, as a largely party-lines vote approved the measures.

The Board of the Texas Windstorm Insurance Association (TWIA) is being urged to enter the catastrophe bond market and plan for a renewal of expiring Alamo Re notes sooner than normal, as market conditions could make the placement more challenging.

For industry loss warranty (ILW) markets opportunities are plentiful heading into 2023, but it’s up to the industry to take advantage of it as more concepts are expected to continue to gain traction, according to Tom Johansmeyer, Head of PCS, Verisk Insurance Solutions.

The proposed bill containing property insurance industry reforms for the state of Florida has passed the Senate Banking and Insurance Committee unchanged, the first hurdle it faces this week.