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.
Price gains achieved by reinsurance underwriters are likely to prove generally more sustainable than those achieved by property and casualty (P&C) insurance carriers, but margin gains may prove lower due to the unique pressures reinsurers face, according to Morgan Stanley analysts.
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RenaissanceRe, the Bermuda headquartered reinsurer and third-party reinsurance capital manager, has pre-announced an expectation that losses from winter storm Uri will have a net negative impact of around $180 million on its first-quarter 2021 results.
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James Vickers, Chair of Willis Re International, has said that insurance-linked securities (ILS) investors have showed increasing maturity at recent reinsurance renewals, as demand proved strong at 4/1.
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Reinsurance rates and pricing are expected to increase again at the upcoming mid-year 2021 June and July renewals, likely increasing further into 2022 as well, but by next year these rises may be losing momentum, Fitch Ratings believes.
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The underwriting performance of reinsurance firms tracked by broker Willis Re improved in 2020, with the group reporting the first full-year improvement in normalised combined ratio since at least 2014, albeit still over 100.
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There is evidence that the hard market in catastrophe bonds and insurance-linked securities (ILS) may be coming to an end, as data suggests that softening may finally have begun and could continue if 2021 remains loss free, according to consultancy Lane Financial LLC.
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Catastrophe exposed property insurance rates in the United States rose significantly again in the first-quarter of 2021, continuing the trend seen through last year, according to MarketScout.
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Strong demand from insurance-linked securities (ILS) investors, in particular for publicly traded catastrophe bonds, helped to moderate overall reinsurance renewal price increases at April 1st, according to Willis Re.
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As anticipated, the April 1st 2021 reinsurance renewals followed the trends set earlier in the year, with pricing generally firm despite adequate capacity levels, according to the latest 1st View report from broker Willis Re.
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Reinsurance rates at the April 1st 2021 renewals are expected to reflect a continued improvement in pricing dynamics, as the shift in risk perception among reinsurers continues to be the dominant factor, according to analysts at Morgan Stanley.
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