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.
The hard market in catastrophe bonds and insurance-linked securities (ILS) continued to weaken through the second-quarter of 2021, leading consultancy Lane Financial LLC to warn that pricing may return to neutral through to the end of the year.
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The market for industry-loss warranty (ILW) protection continued to soften into the July renewal, broker Willis Re has explained, which appears to be a continuation of the trend seen pre-June, as these structures followed the catastrophe bond market’s pricing.
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Australian primary insurance giant IAG has renewed its aggregate catastrophe reinsurance layer for its fiscal year 2022, which began July 1st, resulting in a maximum catastrophe event retention of $169 million.
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The catastrophe bond market has a good opportunity to continue expanding and the current elevated activity could run right into 2022, according to reinsurance broker Willis Re.
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Australian primary insurance carrier Suncorp said this morning that it has successfully renewed its reinsurance program for fiscal year 2022, with an unchanged structure and the top of the tower still set at $6.5 billion.
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Global reinsurance broker Willis Re has said that while reinsurance pricing continued to increase at the June and July mid-year renewal season, the market is approaching equilibrium, as it saw many reinsurers having to accept firm order terms below their initial quotes.
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The mismatch between capital supply and demand is now much lower than it was a year ago, with factors including capital raises and the freeing up of trapped ILS capital driving a resurgence, according to David Flandro of HX Analytics.
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U.S. primary insurance carrier group FedNat Holding Company has expanded its reinsurance tower at its renewal this year, lifting its aggregate protection to $2.25 billion and its single event cover to $1.41 billion.
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This morning, global insurance company AXA has shown that business interruption impacts from the COVID-19 pandemic continue to be felt, with the company announcing a EUR 300 million settlement offer for French restaurants.
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Insurance and reinsurance broker Willis Towers Watson (WTW) reported this week that US commercial property insurance prices continued to rise in the first-quarter of the year, but said that the rate of change has “moderated fairly significantly.”
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