Reinsurance renewals news

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.

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Florida market challenges mean investors aren’t lining up: TigerRisk execs

The cyclical nature of the Florida property insurance market is just one of the challenges facing those operating there, with issues around claims litigation, assignment of benefits (AOB) and its exposure to hurricanes and severe weather all making for a marketplace that is difficult to navigate. But the challenges faced in read the full article →

Pricing momentum may extend beyond 2021: Morgan Stanley

Analysts at Morgan Stanley said that pricing momentum across insurance and reinsurance may extend beyond 2021, as a return to profitability remains a priority for reinsurers, while insurance-linked securities (ILS) specialists focus on delivering sustainable returns to investors. Rate momentum in reinsurance is expected to continue catching up with primary insurance read the full article →

We’ll know we’re in a hard market when deals don’t get done: Hamilton Re’s Brown

David Brown, Chairman and interim CEO of Bermuda-based reinsurer Hamilton Re, has said that reinsurers should be looking for “better pricing and better terms” at the end of year renewals. Speaking in an interview with Artemis around the time of this year’s virtual Monte Carlo Rendez-vous event, Brown said that he read the full article →

Property catastrophe reinsurance demand may increase at 1/1 renewals: Aon

Demand for property catastrophe reinsurance could increase at the key January 2021 renewals according to broker Aon, as the trend of insurance carriers better protecting themselves following the pandemic may continue. Insurance and reinsurance broker Aon noted in its latest market outlook report that reinsurance capital remains accretive to insurance carrier read the full article →

2020 could be one of the “costliest years” for re/insurers: Althoff, Hannover Re

The COVID-crisis is "game-changing", according to Hannover Re executive board member Sven Althoff. He compared it to events like 9/11 and Hurricanes Katrina, Rita and Wilma in 2005 in the impact it was having on the reinsurance cycle. "The difference compared to, for example 2001, is the fact that we are read the full article →

Allstate’s cat losses hit $985m in August on hurricanes Laura & Isaias

U.S. primary insurance giant Allstate has reported the highest monthly total of catastrophe losses it has suffered for some time, as hurricanes Laura and Isaias helped to drive the total to $985 million for August 2020. 11 catastrophe events in August drove $969 million of pre-tax catastrophe losses, while adverse reserve read the full article →

Equity capital won’t temper rates: Leadenhall CEO Albertini

The fact that it is primarily private equity capital looking to replenish the reinsurance industry's coffers is unlikely to dampen the effects of rate hardening in the near term, according to Luca Albertini, chief executive of Leadenhall Capital Partners LLP. Speaking to Artemis during what would normally be the Rendez-Vous de read the full article →

Alternative reinsurance capital flat at $91bn through Q2 2020: Aon

The amount of alternative and insurance-linked securities (ILS) capital in the global reinsurance market remained flat through the second-quarter of 2020 at $91 billion, according to the latest data from broker Aon. Overall, global reinsurance capital increased through the second-quarter of 2020, as traditional reinsurer capital levels recovered from the hit read the full article →

QBE says cat reinsurance could pay $100m of UK BI after test case ruling

Following yesterday's judgement by the UK High Court that found largely in favour of insurance policyholders in the Financial Conduct Authority’s (FCA)’s business interruption insurance test case, Australian insurer QBE has said it could recover up to US $100 million of UK BI claims from its catastrophe reinsurance. The judgement came read the full article →

Carriers expect reinsurance cover on BI claims from FCA test case judgement

Insurance carriers potentially affected by today's judgement in the Financial Conduct Authority’s (FCA)’s business interruption insurance test case, are suggesting their reinsurance, including catastrophe covers, will provide support. The judgement came through from the High Court this morning and has found largely in favour of insurance policyholders in the FCA’s business read the full article →