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 April 1st 2019 treaty reinsurance renewals saw rational responses to the loss impacted years just experienced, with some “substantial” rate increases on loss affected business, while flatter rates were seen across the rest of the market, according to the broker.
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The April reinsurance renewals in Japan look set to deliver their largest rate increases to wind and aggregate layers of reinsurance towers, with severely loss impacted lower layers of programs seeing rises of 20% to 30%, we’re told.
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Despite the consecutive year’s of major catastrophe losses, the expectation is that third-party capital and ILS players will maintain their influence over Florida market reinsurance renewals in June.
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The insurance and reinsurance market remains “fundamentally cyclical” in nature and while price increases may not be as significant as a decade ago, Lancashire Holdings CEO Alex Maloney says rates have now lifted off the bottom of the cycle.
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Around the January reinsurance renewals this year there was a lot of talk regarding brokers and ceding companies pushing insurance-linked securities (ILS) funds to agree to more stringent terms related to collateral release and rollover.
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Catastrophe loss affected property and casualty insurance accounts are expected to rise by at least 10% in Asia through 2019 according to the broker, a forecast which bodes well for upcoming reinsurance renewals in Japan and the region.
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ILS funds and collateralised reinsurance markets have more work to do on gaining market share in Japan, according to analysts who say that relationships with traditional reinsurers continue to dominate there.
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Out of the more than fifty Floridian insurance carriers that are rated by Demotech, Inc. roughly two-thirds are already meeting or exceeding the raised requirement to buy first event reinsurance protection to the 1-in-130 year loss level, but 16 may need to buy more coverage.
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Floridian primary insurers would be advised to check their reinsurance plans as the renewal fast approaches, after Demotech, Inc. updated its first-event reinsurance requirements to mandate that a 1-in-130 year loss event be covered.
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The insurance-linked securities (ILS) market is likely to consolidate with the highest quality managers of third-party reinsurance capital the likely winners, according to RenaissanceRe CEO Kevin O’Donnell.
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