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.
The retrocessional reinsurance market is expected to face still-limited capacity at the key January 2023 renewal season, according to Guy Carpenter’s CEO of Global Specialties, James Boyce.
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The reinsurance market has reached a tipping point, as the three C’s of climate, conflict and capital coalesce to reduce available dedicated reinsurance capital, with this decline unlikely to be replenished before year-end by inflows of alternative or ILS capital, broking group Howden has explained.
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Guy Carpenter Chairman David Priebe has said that the current market environment in the reinsurance industry is “one of the most challenging and complex we’ve seen.”
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Reinsurance buyers are anticipating not just a continuation of hard market conditions in 2023, but additional “rapid” price increases are expected, according to Moody’s Investors Service.
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Now having analysed the outcome of the mid-year renewals, equity analysts at JP Morgan continue to believe that stronger reinsurance pricing is likely to persist into 2023 and perhaps beyond, whether the wind blows this hurricane season, or not.
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Bermuda headquartered global reinsurance firm RenaissanceRe continued to expand its underwriting in the second-quarter of the year, which provided it an opportunity to share more risk with some of its third-party capital partners.
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Spreads in the secondary market for catastrophe bonds began to widen towards the levels seen for primary cat bond transactions as the first-half of the year drew to a close, broker-dealer Aon Securities has said.
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Insurance-linked securities (ILS) fund managers have been working to free trapped capital related to possible COVID pandemic related losses in European reinsurance contracts, with commutations being pursued, AM Best has reported.
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Rating agency Moody’s Investors Service is the latest to forecast a continuation of reinsurance pricing trends, with more rate momentum predicted and additional hardening at the January 2023 renewals.
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The globally diversified major reinsurance companies of the world saw some of the strongest reinsurance premium growth again in the first-half of 2022, with pricing gains for commercial business a key driver of expansion.
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