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.
This morning global reinsurer Munich Re said that "prolonged" market hardening is expected in reinsurance, with rate rises forecast for the January 2022 renewals and European contracts seen as particularly important, as major losses and inflation indicate more pricing discipline. Doris Höpke, member of the Board of Management said, "Rising prices read the full article →
For the second year running, Hannover Re's German subsidiary E+S Rückversicherung AG has forecast rising reinsurance prices at the renewals, but this year it's down to the significant catastrophe losses suffered. A year ago, Hannover Re's subsidiary said that German reinsurance rates would rise at the January 2021 renewals, but that read the full article →
Florida's homeowners insurance market is experiencing "unsutainable" conditions and the consistency of loss across the marketplace is seen as "staggering", according to the CEO of Florida’s Citizens Property Insurance Corporation Barry Gilway. Speaking in front of a Florida House subcommittee on Insurance and Banking this week, Florida Citizens CEO Gilway said read the full article →
Reinsurance capacity and reinsurance pricing have to rise further in order to cover the growing risks posed by climate change, climate-related risks and so-called secondary peril catastrophe events, Swiss Re's Frank Reichelt explained today. Speaking during a media briefing held in advance of next weeks' Baden-Baden reinsurance meetings in Germany, Reichelt, read the full article →
Following recent pre-announcements of natural catastrophe losses from the third-quarter of 2021 and with the expectation that more will be delivered, with the industry facing a relatively significant quarterly catastrophe burden, KBW's analyst team note that they are "modestly optimistic" on property catastrophe reinsurance pricing for the 2022 renewals. Triggering KBW's read the full article →
RenaissanceRe (RenRe), the Bermuda headquartered global reinsurance firm and third-party capital management specialist, has pre-announced an expectation of $725 million of net catastrophe losses for the third-quarter of 2021, a particularly significant hit for the period. It's a figure that is even higher than RenaissanceRe had pre-announced after the third-quarter of read the full article →
For our latest Artemis Live video interview, we were joined by Tom Johansmeyer, Head of PCS to discuss the subject of cyber risk and ask the question, why isn't it a bigger exposure in the insurance-linked securities (ILS) market? For almost a decade, the subject of cyber insurance-linked securities (ILS), cyber read the full article →
Florida’s Citizens Property Insurance Corporation continues to see increasing policy counts as ongoing challenges in the private market drive policyholders back to the residual market, resulting in expanding exposure levels and putting depopulation, or takeouts, back in focus. Florida Citizens is now on-course to see its policy count surpass 1 million read the full article →
Property insurance rates continue to soar higher for homes and businesses in catastrophe exposed regions of the United States, while coverage issues are increasingly emerging for those high-value buildings in peak catastrophe zones. This is according to the latest data from MarketScout, which shows that some of the steepest insurance rate read the full article →
The New Zealand Earthquake Commission (EQC), the state-owned residential property disaster insurance entity, is likely to need more reinsurance protection from private markets as new rules are set to dramatically expand the amount of catastrophe risk it takes on. An amendment to regulations is set to double the residential building cover read the full article →