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.
For the insurance-linked securities (ILS) market, just as much as for insurance and reinsurance underwriters, the clarity of terms and what is actually covered under contracts is “super-important”, Swiss Re’s CEO of Reinsurance Moses Ojeisekhoba said this morning.
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The global pandemic is accelerating the hard reinsurance market, according to Jean-Paul Conoscente, chief executive officer of SCOR Global P&C.
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Global reinsurance giant Swiss Re is forecasting more rate hardening across all lines of business at the upcoming renewal season, while also expecting positive market growth at the same time with increasing demand.
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A number of insurance-linked securities (ILS) funds reported small losses related to business interruption claims from the Covid-19 pandemic in July, with quota shares the main source.
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We’re delighted to announce the launch and opening of registration for Prospectus 2021 – a new annual reinsurance and insurance-linked securities (ILS) conference brought to you by Artemis in collaboration with sister title Reinsurance News.
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Of the insurance-linked securities (ILS) related contracts and structures that are most at-risk of having collateral pre-emptively or otherwise trapped at year-end, rating agency A.M. Best believes all perils or non-U.S. property reinsurance or retro contracts and quota share sidecars are the most exposed to this.
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The decline in available retrocessional reinsurance capacity is being exacerbated by ongoing fears over potential losses related to the COVID-19 coronavirus pandemic, on top of the added issue of pre-emptive trapping of collateralised ILS capacity, according to the rating agency.
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Analysts at KBW have warned that rising losses facing the insurance industry through 2020, with the threat of hurricanes increasing as we move towards peak season and the COVID-19 pandemic hanging over the sector, point to “ever-stronger 2021 reinsurance rate increases” suggesting the 2021 renewals are set for some significant increases again.
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After canvassing a number of insurance-linked securities (ILS) investment fund managers and end-investors for their views on possible loss impacts due to the COVID-19 pandemic, the majority strongly believe that impacts from the business interruption issue will only be minimal to their ILS strategies and ILS portfolios.
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Reinsurance is now in “a hard market phase” across much of the market as the major players need to protect their earnings and capital against the still potentially unknown losses that could arise from the Covid-19 pandemic, according to analysis from Fitch Ratings.
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