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.
As the global reinsurance giant’s results were announced this morning, Christoph Jurecka, CFO of Munich Re, explained that the company believes hurricane Ian matches a pattern linked to a warming world and that this will have to be priced into reinsurance contract renewals.
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Netherlands-based pension investor PGGM is set to reduce the overall size of its insurance-linked securities (ILS) market investments, as the groups ILS portfolio has now grown substantially above the target allocation percentage, Artemis has learned.
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For the insurance-linked securities (ILS) market and global reinsurance capital, this time it’s different, concludes Dirk Lohmann, Chairman, Schroders Capital ILS, who analyses previous hard market periods and believe that we could be on the verge of the most pronounced market correction in decades.
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Hurricane Ian’s impacts in Florida and resulting costs flowing to the insurance and reinsurance industry has tipped the balance from a hardening market into a hard one, according to Lancashire Group CUO Paul Gregory.
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Global reinsurer Hannover Re reported its nine-month results this morning and gave a forecast for intensifying reinsurance demand, while price rises are expected to accelerate at the 2023 renewal rounds.
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During the RenaissanceRe third-quarter earnings call today, CEO Kevin O’Donnell explained that the reinsurance and insurance-linked securities (ILS) industry has to provide returns to its investors and shareholders, or risk capital exiting the space.
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AIG CEO Peter Zaffino explained that the market should anticipate a “very late” reinsurance renewal season at the end of this year, with firm-order-terms (FOT’s) unlikely to be seen for “quite some time” yet.
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RenaissanceRe, the Bermuda headquartered reinsurance and third-party capital management specialist, passed on some $372.4 million of losses to investors in some of its managed reinsurance structures during the third-quarter, with hurricane Ian the main driver.
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The insurance-linked securities (ILS) market is undergoing a repricing, as it digests its losses from hurricane Ian and the fact more capital will be trapped, in an environment where increasingly there are other investment options available as well, according to Aon President Eric Andersen.
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Global reinsurance giant Swiss Re is anticipating a “radical” adjustment in prices at the January 1 renewal season, according to comments from its Chief Financial Officer (CFO) John Dacey this morning.
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