Reinsurance renewals news
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.
Hannover Re, the German headquartered global reinsurance company, grew its premiums by 14% at the key January renewals, adding a significant 20% to its North American book, but still feels catastrophe reinsurance rates have further to move.Overall Hannover Re reported a 2.3% rate increase across its renewal book and while read the full article →
Bermuda-headquartered global reinsurance firm and third-party capital manager RenaissanceRe has revealed that it raised an impressive more than $925 million for its insurance-linked securities (ILS) and joint-venture vehicles Upsilon, Medici and Vermeer in recent months.The information comes as RenaissainceRe (RenRe) reported results that fell slightly below analysts expectations, on the read the full article →
Reinsurance pricing could rise by as much as 20% at the Florida renewals in June 2020, with the continued pressure from loss creep on both insurers and reinsurers the main driver, according to A.M. Best.Loss creep from 2017's hurricane Irma struck some players again in the fourth-quarter of 2019, with read the full article →
Constrained levels of insurance-linked securities (ILS) capital remains a feature of the market as it moves into 2020, in some cases affecting the ability of cedents to secure the coverage they needed at the recent renewals.Of course the renewals continue, to a degree, as the market is still in some read the full article →
The California Earthquake Authority's (CEA) reinsurance program reached a new record size of almost $8.6 billion at the January 2020 renewals, with catastrophe bond and ILS sources still playing a key role.That's a reasonable increase from around $8.26 billion in December 2019, which suggests the CEA purchased more than $340 read the full article →
Australian primary insurance giant Suncorp has referred to an "unprecedented" start to the season for catastrophe losses this morning, saying that it now expects to make recoveries across its reinsurance program, including its main program, drop-downs and aggregate reinsurance including perhaps its stop-loss.Suncorp had already warned earlier this month that read the full article →
Australian primary insurance giant IAG is set to make a claim under its calendar year 2020 main catastrophe reinsurance program that provides it with per-occurrence protection for the recent hailstorm events, signalling that the gross loss impact to this one insurer will surpass A$250 million.As of the latest update, the read the full article →
Given the way reinsurance rates moved at the recent January renewals, particularly in property catastrophe lines, the market should expect further "broad-based price increase" at the next sets of renewals in April and at the mid-year, Moody's believes.For the rating agency the most telling factor in predicting future reinsurance price read the full article →
The amount of insurance-linked securities (ILS) capital and collateral that is still trapped after recent catastrophe loss years has fallen only slightly, as some cat bond collateral in particular was released but fresh collateralised reinsurance and retro collateral was trapped by 2019 loss events.At the same time, overall global reinsurance read the full article →
Catastrophe bond and ILS rates-on-line, as measured by a synthetic Index calculated by Lane Financial, rose 2% in the final quarter of 2019, as insurance-linked securities (ILS) remained in hard market territory and yields returned to levels seen earlier in the year.The latest data from consultancy Lane Financial LLC's synthetic read the full article →