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.
Global insurance and reinsurance giant AXA has significantly expanded its catastrophe reinsurance protection at the January 2024 renewal season, with much more limit purchased but all of its retentions kept stable year-on-year.
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European headquartered re/insurer Zurich has further adjusted its catastrophe reinsurance arrangements for 2024, adding a new top-layer of protection in Europe, so lifting the top of that tower, while reducing its US all-perils retention so coverage will attach earlier there.
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The Board of the Texas Windstorm Insurance Association (TWIA) met today and has confirmed a 1-in-100 year PML for 2024 funding purposes at a new high of $6.5 billion, meaning the insurer of last resort will seek to require just over $4 billion in reinsurance limit for the 2024 wind season.
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The California Earthquake Authority (CEA) is said to have stabilised its risk transfer and reinsurance program, while increasing its claims paying capacity to the 1-in-365-year return period, as of January 1st 2024, according to rating agency AM Best.
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US specialty insurance group Assurant has secured more catastrophe reinsurance protection for the year ahead, while switching to an April 1st renewal, with $1.38 billion of limit already secured for its US cat tower by January.
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QBE has revealed details of its reinsurance renewal alongside its results this morning, with significant changes evident as the main catastrophe excess-of-loss tower has shrunk, while the re/insurers aggregate reinsurance arrangement has been restructured.
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Global reinsurance giant Swiss Re grew its natural catastrophe reinsurance premiums by 12% at the January 2024 renewals, while finding the nat cat business had the “most pronounced” rate increases of its 1/1 renewal book.
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Global insurance giant AIG secured a “tremendous outcome” at the January 2024 reinsurance renewals, according to CEO Peter Zaffino who explained that AIG broadened its property catastrophe coverage at 1/1.
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The Texas Windstorm Insurance Association (TWIA) could need even more reinsurance limit for the 2024 wind season, as its exposure growth drove its Actuarial and Underwriting Committee to recommend the Board sets a 1-in-100 year PML for funding purposes at a new high of $6.5 billion.
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The Texas Windstorm Insurance Association (TWIA) may require more reinsurance limit than had been originally thought, as modelled data shows the insurer of last resort could look for as much as $3.7 billion for its 2024 renewal, almost $1.5 billion up on TWIA’s 2023 reinsurance and catastrophe bond purchase.
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