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 impact of recent hurricane losses and their outsized loss creep, as well as market dynamics of supply and demand, have all served to shift the balance of power from reinsurance buyers to reinsurance sellers at this June renewal in Florida, Kevin O’Donnell CEO of RenaissanceRe explained recently.
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The upcoming Florida reinsurance renewals on June 1st are set to be challenging and late. Quoting has been slow to start, while both cedants and capacity try to gauge market dynamics, but the expectation remains that prices are certainly set to rise.
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Hannover Re grew its gross premiums underwritten by an impressive 19.2% in the first-quarter of the year and targets further “significant” growth in P&C reinsurance this year, in a market that is sees as stable or even “modestly better.”
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Results announced this morning by global reinsurance firm SCOR confirm the loss creep trend we’re expecting to see from Japanese typhoons Jebi and Trami, as the company revealed a EUR 53 million hit to profits.
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While pricing at the June reinsurance renewals of all-important Florida underwriting business fell short of expectations a year ago, in 2019 market sentiment remains on the positive side, with analysts suggesting that this time around it might be different.
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French reinsurance giant SCOR has expanded its underwriting of catastrophe reinsurance treaties in Japan and elsewhere during the April renewals, growing premiums underwritten at SCOR Global P&C by almost 10%.
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Capital and capacity is expected to be in abundance at the upcoming mid-year reinsurance renewals, but the management of it is expected to be more conservative, which could help to hold up rates, analysts suggest.
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Typhoon Jebi has already become the loss creep story of 2019 so far, but it’s set to become an even higher profile case as a rising industry loss estimate for the storm means it’s now expected that a number of industry loss warranty (ILW) contracts will payout.
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Catastrophe bond and insurance-linked securities (ILS) premium rates can now be considered to be in a hard market, making now a good time to invest in the asset class, according to analysis from ILS focused consultancy Lane Financial LLC.
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Indicative pricing for certain types of industry-loss warranty (ILW) backed retrocessional reinsurance protection has been on the rise, with Florida wind and as a result U.S. all natural perils seeing the largest increases of in advance of the mid-year renewals.
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