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.
Universal Insurance Holdings, the Florida headquartered primary insurance carrier, hopes that its reinsurance strategy will insulate it from many of the hardening pricing dynamics being seen in the open marketplace, its CEO has said.
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The reinsurance market looks set to undergo further hardening as the January renewals fast-approaches, and with insurance-linked securities (ILS) players struggling to raise capital and reports of deals failing to get done at any price, it could be a truly hard market, according to Brad Adderley, Bermuda Managing Partner, Appleby.
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With a “material move” in reinsurance pricing anticipated at the January 2023 renewal season, analysts at J.P. Morgan don’t believe new capital inflows will affect the trajectory of rates this time around.
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Additional “significant” increases in prices for catastrophe reinsurance are to be expected at the renewals in 2023, according to Hannover Re’s German subsidiary E+S Rückversicherung AG.
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Reinsurance broker Guy Carpenter is actively working to develop more catastrophe risk capacity for 2023, as the company is all too aware of the potential for an acute shortfall after hurricane Ian.
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Speaking this morning at a briefing held in advance of the annual Baden-Baden reinsurance meetings in Germany, Thomas Blunck, member of the board of management at Munich Re, explained that trapped ILS capital after hurricane Ian could influence reinsurance renewals across the European region.
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The upcoming reinsurance renewals in Europe at January 1st are expected to see cedents demanding an additional up to €2.5 billion of catastrophe capacity to cover their risks in Germany alone, according to Frank Reichelt, Head Northern, Central & Eastern Europe at Swiss Re.
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It is “inevitable” that reinsurance renewal rates and pricing will rise and even accelerate their momentum at the important January 1 2023 renewal season, according to analysts at Jefferies.
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Florida’s domestic property insurance carriers, as well as those coastal focused US catastrophe exposed property specialist carriers, are facing a far more challenging reinsurance renewal environment in 2023, Moody’s Investors Service has explained.
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The world has a “vibrant wholesale risk market”, spanning insurance, reinsurance and insurance-linked securities (ILS), but it’s time to go back to basics, industry expert speakers explained at Convergence 2022 in Bermuda last week.
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