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 reinsurance market participants are anticipating broad firming at the upcoming January 2022 renewal season, with retrocession and property catastrophe risks seen as areas in need of price improvements.
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RenaissanceRe Capital Partners, the third-party capital management and insurance-linked securities (ILS) unit of Bermuda-headquartered reinsurance firm RenaissanceRe (RenRe), hired Lucy Briggs as Vice President and Head of Risk earlier this year.
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The January 2022 reinsurance renewals are said to be significantly behind schedule so far, as firms hold back on committing capacity in the challenged marketplace, according to Arch Capital’s management team.
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Recent historical natural catastrophe loss trends are driving an increasing focus on the sufficiency of reinsurance and retrocession, global broker Willis Re explained today.
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Reinsurance giant Munich Re finds that generally writing catastrophe reinsurance business does earn its cost-of-capital for the company, but still the company is set to push for more rate at the upcoming January renewal season, according to its CFO.
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Analysts from Peel Hunt warn that with reinsurance market appetite for certain property catastrophe risks uncertain, some re/insurers may find themselves retaining more secondary peril exposure and it’s “not obvious that third-party capital will rush in to fill the gap.”
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At reinsurance renewals in 2022, there is expected to be a an overarching focus on achieving more sustainable pricing levels. But there will also be different challenges faced and outcomes achieved, depending on where in the reinsurance risk tower underwriters are focused, according to TigerRisk’s Head of North America, Wade Gulbransen.
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Catastrophe reinsurance underwriting business is still “value creating” for global reinsurer Swiss Re, but the company has been sending “strong signals” to the market through its pricing of late, according to CFO John Dacey.
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United Insurance Holdings (UPC Insurance), the Florida headquartered but regionally expansive insurer of catastrophe exposed property, benefited significantly from changes made to its reinsurance program at the last renewals, as a larger proportion of its catastrophe losses was ceded to its reinsurers in Q3 2021.
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Global insurance and reinsurance giant Zurich has exhausted its aggregate catastrophe reinsurance protection during the third-quarter, as significant losses from hurricane Ida and the European floods took their toll.
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