Renewals

GC’s Priebe: Early renewal talks on inflation to bring greater clarity

Guy Carpenter chairman David Priebe has said he is hopeful reinsurers and cedants can come to a “meeting of minds” on the thorny subject of how to address inflation at the upcoming 1.1 renewals, with discussions already taking place around the issue.

Reinsurance market reaches inflection point amid “moment of vulnerability”

While upward pricing pressure presents opportunity for reinsurers at the upcoming 1.1 renewals, the sector is facing a moment of vulnerability as it addresses challenges in delivering adequate returns on capital while maintaining relevance to clients.

Reinsurer panel: Cedants’ data-driven inflationary assumptions key for 1.1 renewal

Discussions around the impact of macroeconomic uncertainties at the upcoming 1 January renewals are centred on inflationary assumptions, according to participants in Aon’s reinsurer panel fireside chat.

Lloyd’s market message brings further indicator of a tough 1.1 ahead for cedants

One of the key takeaways from this year’s Rendez-Vous in Monte Carlo was just how challenging the next few months will be for many cedants and their reinsurance brokers as they look to place their 1.1 treaties.

Tiernan: Cedants must not have “heads in sand” as Lloyd’s scrutinises 1.1 reinsurance purchasing

Lloyd’s is closely watching the availability, structuring, pricing and terms of upcoming reinsurance placements at 1 January as the Corporation hones in on property and specialty purchasing within 2023 business plans, chief of markets Patrick Tiernan has said.

Moody’s: 1.1 rate acceleration will focus on property reinsurance

Monte Carlo attendees were “universally upbeat” on property reinsurance pricing trends, according to a new report from Moody’s, with some European reinsurers stating market conditions have “never been more positive”.

JMP warns $15bn-$20bn of capacity needed to meet demand at 1.1

The upcoming 1 January renewals may require between $15bn and $20bn of additional capacity in order to “bring supply and demand back into equilibrium” for property lines, according to JMP Securities’ Matthew Carletti.

Property in transition as some reinsurers become scaredy-cats

Reinsurance executives on second quarter earnings calls expected continued pricing improvements at the upcoming 1 January renewal but this comes against a backdrop of the uncertainty caused by inflation and some pulling back from property business in response to volatility.

Fiona has BDA in its sights after shutting down Puerto Rico power

Five years after the devastating landfall of Maria, Puerto Rico is in blackout with the US overseas territory losing power following the arrival of Hurricane Fiona, a storm which is forecast to strengthen in the coming days and threaten Bermuda later this week.

Brokers to be tested in Q4 as inflation fuels demand for higher limits

If there was a sentence least likely to be uttered by an underwriter at any Rendez-Vous of the past decade then: “I do feel sorry for those overworked reinsurance brokers” would be high on that list.

Casualty reinsurer resistance expected to stiffen at 1.1

The blunting of upward momentum on ceding commissions for long-tail lines pro rata deals that began in the first half of 2022 is expected to continue at 1 January, according to a number of (re)insurance executives.

Tightening QS reinsurance market drives increased surplus notes activity

The growing cost and shrinking availability of whole account and net quota share capacity for some insurers is leading to heightened demand for alternative capital solutions including surplus notes, The Insurer can reveal.

Lloyd’s poised to reach record size as syndicates eye double-digit growth in 2023

Lloyd’s is set for double-digit growth in 2023 amid expectations for the “best underwriting environment for at least a decade”, with early business plan forecasts showing a swathe of syndicates are seeking to grow revenue by 15 percent or more next year.

Retro market continues to harden amid limited supply

The hard property retrocession sector, which had formed one prong of the so-called “U-shaped” market over the last few years, is showing no sign of any easing that would relieve pressure on the now fast-hardening property reinsurance market.

Swiss Re CUO: 1.1 will go from “hard to even harder”

Swiss Re’s chief underwriting officer Thierry Léger has landed at Monte Carlo predicting further rate rises at 1 January as the industry enters a phase of “heightened volatility”.

Property cat reinsurance teeters on edge of true hard market

The Atlantic may have been quieter than usual so far this hurricane season, but an inflation-led perfect storm is brewing for property cat reinsurance which is sure to dominate discussions in Monte Carlo this week as brokers begin the task of trying to line up sufficient capacity to get their clients home in the key 1 January renewal season.

Aon’s Monaghan: Communication and differentiation key to renewal success

The turbulent market environment heading into 1.1 will create a challenging property catastrophe renewal market where data transparency, clear communication, and broad market engagement will be critically important, according to Joe Monaghan, Global Growth Leader, Reinsurance Solutions at Aon.

Inflation driving increased demand for catastrophe reinsurance in run-up to 1.1

Inflation has emerged as the dominant theme influencing the upcoming 1 January property renewals as higher exposures and the prospect of increased claims costs drive demand for limit, with the industry’s reinsurance intermediaries forecasting that the issue will shape reinsurers’ view of risk.

GC: pull back in ILS retro capacity drives progressive hardening

The hardening pressures in the property retro market seen at 1 January have been sustained through 2022, with capacity for aggregate and low attaching occurrence layers remaining tight in contrast to less supply constraints for layers further up the tower, according to Guy Carpenter.

GC: “Clear capacity constraints” in property cat but signs emerge of growing appetite

The reinsurance industry is gearing up for what is forecast to be a challenging renewal season amid a capacity crunch in property catastrophe and retro markets, but there are signs that some reinsurers are looking to grow their portfolios in the segment, according to Guy Carpenter’s executive team.

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