Reinsurance renewals news and articles. Discussing the trajectory of reinsurance pricing and rates, as well as the flow of reinsurance capital at key market renewal seasons where many reinsurance programs are renewed and new reinsurance and retrocession capital and capacity is deployed.
The reinsurance cycle follows a number of key renewal seasons and the news and analysis below covers these important reinsurance market renewals.
The key reinsurance renewal periods are at January 1st, April 1st, June 1st and July 1st.
The January renewals have a particular focus on European programs, Asia Pacific (ex. Japan), casualty and specialty risks. The mid-year reinsurance renewals see a particular focus on U.S. property catastrophe reinsurance renewals, with Florida a particular focus in June. Japanese reinsurance program renewals are a major focus at April 1st.
According to Joachim Wenning, CEO and Chair of the Board of Management at Munich Re, the positive trends experienced in reinsurance over the last year are not expected to weaken during the remaining renewals of 2024.
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Universal Insurance Holdings, the Florida headquartered insurer, has already completed its June reinsurance renewal and its CEO said that the company added more multi-year protection this time, while also adding more reinsurers to its panel.
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In what is perhaps a reflection of an insurance and reinsurance marketplace with more catastrophe risk capital available, broker Marsh has for the first time in a while cited a slowing level of rate increases for catastrophe exposed commercial property accounts in the United States, with even some rate decreases reported.
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Catastrophe reinsurance pricing for programs in the United States is seeing “material softening” in minimum rates-on-line, broker Gallagher Re has said, as reinsurers “abandon” the need for top-layer pricing to exceed the risk-free rate.
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Early signs suggest that the Florida catastrophe reinsurance renewals at June 1st 2024 will see improved conditions for cedents, as capital has flowed in and reinsurer appetites have recovered, according to Marsh McLennan CEO John Doyle.
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Broking giant Aon is anticipating a “significant increase in demand” for property catastrophe reinsurance capacity at the upcoming mid-year renewals, with market conditions expected to continue developing favourably for buyers.
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Florida’s property insurer of last resort, Citizens Property Insurance Corporation, has said that its sees market conditions as especially positive in the capital markets, as it looks to progress its $5.5 billion reinsurance renewal for 2024.
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Target allocation ranges have been adjusted for some of the investments that make up the giant insurance-linked securities (ILS) portfolio managed by PGGM, the Dutch pension fund investment manager, on behalf of its end-client the Dutch pension PFZW.
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The level of insurance-linked securities (ILS) capital reached new heights in 2023 on the back of record issuance in the catastrophe bond market, and while collateralised reinsurance has so far failed to rebound, there are signs of growth, according to James Vickers, Chairman of International, Gallagher Re.
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The “redistribution of risk” between primary insurers and reinsurance capital providers that occurred in 2023 has now helped to encourage and rebuild appetites, resulting in more reinsurance capacity being available at the April 1st renewals, Gallagher Re has said.
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