Reinsurance renewals news - from Reinsurance News (2024)

Reinsurance News

Reinsurance renewals are the key points in the year when the majority of reinsurance contract renewal negotiations occur and are completed.

The reinsurance renewal seasons provide insight into reinsurance pricing, contract terms, reinsurance market positioning and the direction of future trends in the market.

Bermudian reinsurers forecast modest property cat rate decreases at 1.1 renewals: KBW

13th September 2024

With both supply and demand for reinsurance coverage on the rise, Bermudian reinsurers expect property catastrophe reinsurance rates to be flat to mid-single-digit risk-adjusted decreases at the January 1st, 2025 renewals, according to analysts at KBW.Following meetings with 20 companies at the recent 2024 Reinsurance Rendezvous, KBW analysts noted that ...Read the full article

Non-marine market still sees more demand than supply for quota share capacity, Guy Carpenter

13th September 2024

Guy Carpenter, a global risk and reinsurance specialist, highlights that in the second quarter of 2024, there was a significant increase in demand for peak peril retrocession (retro) coverage and cat on direct and facultative (D&F) limit across the non-marine market.It's important to note, that demand for retro XoL coverage ...Read the full article

Guy Carpenter reveals what could disrupt reinsurance renewals despite market stabilisation

9th September 2024

The global specialty reinsurance market has stabilised after a period of disruption marked by sharp rate fluctuations, tighter terms and conditions, and rising attachment points, according to James Boyce, CEO of Global Specialties at Guy Carpenter, a global risk and reinsurance specialist.Boyce notes that strong rating adequacy has been achieved ...Read the full article

9th September 2024

Demand for reinsurance protection is strong in Europe and is expected to remain so in 2025, but it’s important that structural corrections achieved in the past two years are maintained, according to Clarisse Kopff, Member of the Board of Management at Munich Re.Kopff is responsible for European and Latin American ...Read the full article

Prices and conditions to remain on a sustained stable level, says Hannover Re

9th September 2024

Large European reinsurer Hannover Re is seeing robust demand for “high-quality” reinsurance protection and is well placed for profitable growth ahead of the January 1st, 2025, reinsurance renewals.This morning, Hannover Re discussed current reinsurance market conditions and the outlook for the January 2025 renewals at the annual meeting of the ...Read the full article

Aon forecasts an increase in reinsurance pricing competition in 2025

5th September 2024

Reinsurance renewals in 2024 have seen pricing gradually decrease, partly driven by an increase in alternative capital to $110 billion, combined with rate reductions being granted by reinsurers for the best performing risks.In its Reinsurance Renewal Season 2024 report, broker Aon is forecasting an increase in pricing competition in 2025, ...Read the full article

Reinsurance pricing to perpetually recalibrate, but program restructuring to endure: Guy Carpenter

4th September 2024

After 2023 saw substantial reinsurance market corrections, including the restructuring of programs and the reset of pricing, 2024 has focused on the details, but according to executives at Guy Carpenter, while pricing is expected to continuously recalibrate, program restructuring is likely to be sustained.During Guy Carpenter's recent pre-Monte Carlo media ...Read the full article

CEA slightly lifts risk transfer tower after $306m June renewal

21st August 2024

The California Earthquake Authority (CEA) purchased $306 million of new reinsurance limit at its June 1st renewal, taking the entity's total reinsurance and risk transfer tower to approximately $9.15 billion.At the end of 2023, the CEA had $9.1 billion of protection in-force from its reinsurance and cat bonds, and after ...Read the full article

Suncorp reveals reinsurance recoveries of $135m, lifts natural hazard allowance for FY25

19th August 2024

Australian insurer Suncorp recorded AUD 135 million of reinsurance recoveries for the financial year ended June 30th, 2024, as the total cost of natural hazard events in the period came in below the Group's allowance.Announcing its financial year results today, Suncorp Chief Executive Officer (CEO) Steve Johnston revealed that ...Read the full article

Positive renewals outcomes ahead as market conditions favour airline insurance buyers: Gallagher Specialty

16th August 2024

Despite ongoing challenges, excess capacity and increased competition are driving rate softening for airline insurance as the market reaches the midpoint of the year, according to Gallagher Specialty.Lower average claims alongside the higher rates seen in recent years have attracted capacity back into the market, generating increased competition and pursuit ...Read the full article

12th August 2024

Sven Althoff, Member of the Executive Board for P&C at Hannover Re, said today that the global reinsurer is not expecting a change in P&C market sentiment despite another active period for catastrophe losses, notably from secondary perils.This morning, reinsurer Hannover Re announced a very strong set of results ...Read the full article

Munich Re CEO anticipates strong 1/1 2025 reinsurance renewals

8th August 2024

Global reinsurer Munich Re is confident that favourable market conditions will persist at the January 1st, 2025, renewals, as the firm sees continued strong demand from buyers and discipline from sellers, according to CEO, Joachim Wenning.“Looking at the factors that drive reinsurance rates, I cannot detect anything material that would ...Read the full article

Pricing ‘significantly better’ than expectations at mid-year reinsurance renewal: The Hanover CFO

5th August 2024

Executive Vice President and Chief Financial Officer (CFO) of The Hanover Insurance Group, Jeffrey Farber, has revealed that pricing was "significantly better" than expected at the firm's July reinsurance renewal.During The Hanover's Q2 2024 earnings call, Farber highlighted that the strong pricing was primarily driven by the company’s work in ...Read the full article

Allstate adds Nationwide cover but reduces Florida reinsurance tower at mid-year renewal

5th August 2024

US primary insurer Allstate opted to shrink the size of its 2024-2025 Florida excess catastrophe reinsurance program at the mid-year reinsurance renewals, and also added $90 million of limit to the top of its Nationwide coverage.This is now the second year running Allstate has elected to reduce its Florida specific ...Read the full article

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Reinsurance renewals news - from Reinsurance News (2024)

FAQs

What are reinsurance renewals? ›

Reinsurance renewals are the key points in the year when the majority of reinsurance contract renewal negotiations occur and are completed. The reinsurance renewal seasons provide insight into reinsurance pricing, contract terms, reinsurance market positioning and the direction of future trends in the market.

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Who is the largest reinsurance company? ›

Munich Reinsurance Company

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Is reinsurance a lucrative career? ›

A Reinsurance in your area makes on average $89,365 per year, or $1 (0.014%) more than the national average annual salary of $86,750.

Is the reinsurance market growing? ›

The U.S. reinsurance market size was valued at USD 198.23 billion in 2023 and is expected to reach USD 630.10 billion by 2034, growing at a CAGR of 11.09% from 2024 to 2034.

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What is the 9 month rule for reinsurance? ›

The 9-month rule, which comes out of Part 23 of SSAP 62, requires that the reinsurance contract be finalized—reduced to written form and signed within 9 months after commencement of the policy period—but allows the contract to incept before the contract is finalized.

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What is renewal process in insurance? ›

In simple terms, insurance renewal is the process of extending your existing insurance policy beyond its expiration date, allowing you to maintain uninterrupted protection against potential risks and financial losses.

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Who are the big four reinsurers? ›

Swiss Re, Munich Re, Hannover Re and Scor are heading into the autumn with a stellar 2023 record under their belts and a profitable 2024 highly likely, hurricane season willing. Pricing overall has continued to increase in every major renewal so far in 2024, and there is no expectation of a sudden reversal.

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Who is the father of reinsurance? ›

Guy Carpenter, the “Father of Modern-Day Reinsurance,” disrupted the cotton trade with a data-based approach to analyzing risk that lowered rates for his clients.

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How do reinsurers make money? ›

Reinsurers play a major role for insurance companies as they allow the latter to help transfer risk, reduce capital requirements, and lower claimant payouts. Reinsurers generate revenue by identifying and accepting policies that they believe are less risky and reinvesting the insurance premiums they receive.

Does reinsurance pay well? ›

The average salary for jobs that require the skills of Reinsurance is $206,805 based on United States National Average.

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What are the disadvantages of reinsurance? ›

Disadvantages of Reinsurance:

Can be expensive, as reinsurers charge a premium for assuming a portion of the insurer's risk.
This may result in a loss of control for the insurer, as they are relying on the reinsurer to manage a portion of their risk.

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Apr 10, 2023

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How much does a reinsurance broker earn in USA? ›

$102,500 is the 25th percentile. Salaries below this are outliers. $107,500 is the 75th percentile.

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What is the outlook for reinsurance? ›

Fitch Ratings has revised the global reinsurance sector outlook to 'neutral' from 'improving'. The 'neutral' outlook reflects our expectations for the sector's very strong profitability by historical standards to remain resilient in 2025, even though the reinsurance pricing cycle has most likely passed its peak.

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Who is the largest reinsurer in the world? ›

The data shows that, since 2019, Aon Reinsurance Solutions has consistently topped the list, with annual revenue hitting a huge $2.481 billion in 2023, rising from $2.19 billion in 2022. In H1 2024, Aon Reinsurance Solutions generated revenue of $1.802 billion, which is up on the $1.684 billion reported in H1 2023.

What is the reinsurance forecast for 2024? ›

Fitch Ratings has updated its outlook for the global reinsurance sector to neutral for 2024, with expectations that trends and key credit drivers for the sector would 'remain broadly stable' for the next 12 months.

What does reinsurance mean in insurance? ›

A reimbursem*nt system that protects insurers from very high claims. It usually involves a third party paying part of an insurance company's claims once they pass a certain amount. Reinsurance is a way to stabilize an insurance market and make coverage more available and affordable.

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Can you reinsure reinsurance? ›

Reinsurance contracts may be negotiated with a reinsurer or arranged through a third party; i.e., a reinsurance broker or intermediary. Reinsurers may also buy reinsurance protection, which is called “retrocession.” This is done to reduce any further spread risk and the impact of catastrophic loss events.

What is insurance renewal and retention? ›

Insurance renewal processes are defining moments in the customer-insurer relationship that contribute, if successful, to long-term business sustainability. This is because retaining existing customers is often cheaper than acquiring new ones.

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What is retro in reinsurance? ›

Under a Retrocession Agreement, a reinsurer (referred to as a retrocessionaire) agrees to indemnify another reinsurer (referred to as a retrocedent) against all or part of the loss that such reinsurer may sustain under a Reinsurance Agreement. So, retrocession is reinsurance for reinsurers.

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