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.
Marcel Grandi, Head of ILS Sourcing at Zurich-headquartered insurance-linked securities (ILS), catastrophe bond and reinsurance investment manager Twelve Capital, believes the current reinsurance market environment and its pricing may persist longer this time.
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In order to avoid disappointing investors and guarantee continued access to capital, the reinsurance and insurance-linked securities (ILS) industry needs to escape the market-cycle mindset and deal with the biggest threat it faces, which is inertia, according to Chris McKeown of Vantage Risk.
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The outstanding market for collateralized reinsurance sidecar structures has reached a new record high of $10 billion in 2024, which represents roughly 40% growth on the prior year, Aon Securities estimates.
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According to reinsurance broker Guy Carpenter’s Global Specialties division, there is an expectation more non-marine retrocessional capital and capacity comes to market through the end of year, which could impact supply-demand dynamics and cost of coverage.
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Speaking this morning at the 2024 Monte Carlo Rendez-Vous event, executives from Fitch Ratings said that with further improvements in fundamentals less likely now, moderate and gradual softening is now expected for property catastrophe rates and pricing.
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A poll undertaken just in advance of the 2024 Monte Carlo Rendez-Vous event by our sister publication Reinsurance News has found that market participants will be especially focused on sustaining prices in their discussions with clients at the event.
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Speaking during a briefing in advance of the 2024 Monte Carlo Rendez-Vous event today, executives from Aon’s Reinsurance Solutions highlighted their expectation that the higher layers of property catastrophe programs will be competitive at the renewals, with softening of rates expected.
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Fitch Ratings has said that it believes the reinsurance pricing cycle has now most likely passed its peak, but the rating agency is still bullish on profitability of reinsurance and thinks returns from the sector “should remain very strong by historical standards in 2025.”
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Broking group Aon has set out its stall for the reinsurance renewals, calling on reinsurance capital providers to run towards risk instead of away from it, else risk the industry becoming less relevant.
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As the reinsurance market heads to the annual Monte Carlo Rendez-Vous event, to begin discussions that help to shape the pathway towards end-of-year renewal negotiations, we spoke with Urs Baertschi, CEO of P&C Reinsurance at Swiss Re, who told us that market discipline is expected to be maintained.
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