FHCF lowers attachment point for $1bn coverFlorida’s Hurricane Catastrophe Fund (FHCF) has lowered the attachment point for its $1bn cover, of which Renaissance Re wrote more than a third.
Property and finpro drive commercial line price hikesCommercial insurance pricing increased in the second quarter, driven by growth in property, as well as financial and professional lines, according to Marsh.
It’s more than just price pushing insureds to capital marketsA group of senior risk managers and insurance buyers have threatened to leave traditional insurance markets if the available coverage does not adapt to reflect changes in how businesses operate.
Kingstone increases cat limit by 40 percent and enjoys rate reductionNASDAQ-listed US insurer Kingstone Companies increased its cat treaty limit by over 40 percent at the 1 July renewals while enjoying a “single digit” reduction in the risk premium paid to its panel of 46 reinsurers.
Non-life premiums up 2.8% globally in 2017: Swiss ReGlobal non-life premiums rose by 2.8 percent last year to approximately $2.2tn, according to Swiss Re.
Marine insurance market ‘split’ and ‘confused’: JLTEfforts by Lloyd’s to talk up marine rates in the London market is driving a wedge between syndicates in One Lime Street and their international competitors, according to JLT.
Rate increases ‘dissipate’ at June and July renewals: Willis ReThe momentum for rate increases on loss-free reinsurance accounts dissipated during the June and July property catastrophe renewals, according to analysis by Willis Re.
UK motor insurance market picks up on back of improved Ogden outlookThe UK motor insurance market has posted its best underwriting result since 1994, according to a study by EY.
Up-for-sale Chaucer hikes 2018 reinsurance spendLike its fellow up-for-sale (re)insurer Aspen, Lloyd’s carrier Chaucer has dramatically hiked its reinsurance spend in 2018 after last year’s heavy losses, re-Insurance.com can reveal.
Global construction premiums stagnate at $21bn: Swiss ReCreeping loss ratios and dwindling rates are putting pressure on construction underwriters who - in London - are losing share to international rivals, according to a new study by Swiss Re.
Florida’s HCI cuts reinsurance limit at 1.6Floridian homeowners specialist HCI, which was hit by around $267mn of gross losses from Hurricane Irma last year, has cut limits on its reinsurance programme for the next 12 months.
Rate rises ‘negligible’ at Florida renewals despite cats: JLT ReThe critical 1 June Florida renewals season failed to produce meaningful rate rises despite the state being hit with a swathe of catastrophes in 2017, according to analysis by JLT Re.
Florida casts pricing gloom with 1.6 cat renewalsDespite a double-dip of falling cat reinsurance rates in the Sunshine State and last year’s circa $140bn of losses, pricing on Florida’s cat programmes is typically only expected to inch up by a few percentage points at the key renewal later this week.
Morgan Stanley latest to warn on Florida renewalsWith the key Florida cat renewals now only days away, Morgan Stanley has added to the chorus calls predicting underwhelming pricing when insurers renew their reinsurance programs on the 1 June.
Chubb overtakes AIG as largest insurer of cyber coverage: AM BestIn 2017, Chubb more than doubled its direct premiums written for US cybersecurity business to $284.4mn, leapfrogging AIG and XL Group.
Flat mid-year renewal not out of the question: analystsA flat mid-year renewal is not out of the question despite the industry taking around $140bn in cat losses last year, according to JMP analyst Matt Carletti and his colleague.
Commercial insurance prices tick up by 1% in Q1After four and a half years of dwindling rates, commercial insurance prices edged up by just under 1 percent in the first three months of the year, marking the second consecutive quarter of growth.
London carriers grab chance for Q1 growth but specialty rates struggleLondon’s remaining listed carriers posted solid top line growth in the first quarter as the impact of last autumn’s catastrophes fed through to pricing, but clouds remain over the outlook for the remainder of the year as capacity remains abundant.
US rates climb for second quarter in a row: CIAB Average rates for US commercial P&C business ticked up in the first quarter of 2018 as insurers continue to succeed in pressing through rate increases following the heavy cat losses in the second half of 2017.
Zurich exercises caution in P&C market despite rate increasesSwiss insurance giant Zurich said it had decreased its gross written premiums (GWP) in the quarter by around 1 percent to $9.3bn as the group dropped its presence in what it views as unprofitable lines despite signs of an uptick in rates.