Industry Segments: Renewals Page 4 / 6
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- September 13 2023
Record rains add ‘further pressure’ on Hong Kong’s reinsurance renewals: AM Best
The impact of the black rainstorm is likely to be more of an earnings event for the market, rather than a material hit to capital adequacy, the rating agency noted.
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- September 12 2023
RVS Monte Carlo: APAC carriers hit by secondary peril volatility, but losses yet to impact reinsurers — Aon
Historic flood losses from around the region on the agenda as leading (re)insurance players gather in Monaco.
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- September 11 2023
Despite volatility, Asian reinsurers set for better underwriting results: AM Best
The overall combined ratio of APAC's leading reinsurers improved slightly to 100.8% in FY 2022 from 101.1% in the previous year.
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- August 11 2023
Munich Re saw ‘considerable’ price rises in Australia at July renewals
Prices across the Munich Re portfolio increased 5.1% at July 1, while overall P&C reinsurance H1 profits slipped 20.5%.
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- August 10 2023
Hannover Re increases APAC Covid reserves to US$629m
In the 1.6 and 1.7 renewals, the German reinsurer saw rate increases and improved terms in Australia, while it reduced shares on some proportional business in Asia.
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- August 4 2023
Swiss Re P&C Re posts 94.7% COR for H1
Swiss Re P&C Re's global net profit surged to US$904m in the first six months of 2023, helped by fewer cat losses in Q2. July 1 renewals saw prices increase 21%.
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- July 10 2023
Opinion: Australia’s cyclone pool helps ease pressure on cat limits
ACRP is set to assume more than 90% of the market’s cyclone exposure for household, strata and small business property policies.
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- July 7 2023
IAG reduces aggregate cover and increases retentions in July 1 renewals
The Sydney-based insurer purchased aggregate, third and fourth event reinsurance covers for FY 2024.
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- July 7 2023
Hannover Re and IAG renew 2.5% quota share
The new arrangement is effective from July 1, 2023, and has a term of five years.
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- July 4 2023
Suncorp drops aggregate cover, increases retentions and pays more at 1.7 renewals
The combined cost of the FY 2024 catastrophe reinsurance premiums and the natural hazard allowance is expected to increase by approximately A$250m or 12% from FY 2023.
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- July 4 2023
Australia sees 25% rate hikes, higher retention levels at 1.7 renewals
Although the market has had more capacity coming in from cyclone reinsurance pool, the uncertainty in the lower layers has led to higher retention and increased attachment return periods.
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- July 3 2023
New capital, moderated demand lead to orderly 1.7 renewals: Gallagher Re
There were significant year-on-year rate increases and reinsurers sought to bring terms and conditions in line 1.1 and 1.4 renewals.
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- June 27 2023
Retro capacity on slow path to recovery
While capacity providers are re-entering and the ILS sector is buoyant, the impact on 1.7 renewals will be limited as it takes time for the capital to feed into the markets.
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- June 21 2023
‘Surprise’ losses put pressure on pricing for New Zealand renewals
Cedents and reinsurers alike are seeking to come to terms with a shifting threat landscape, especially where cat-exposures are concerned.
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- June 16 2023
‘Late’ July renewals to continue hardening trend
Sluggish retro markets, and elevated nat cat losses in Australia and New Zealand will weigh on 1.7.
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- June 1 2023
Opinion: Florida’s return to orderly renewals a welcome sign for APAC
Prospects of 30-40% rate hikes tempt reinsurers back to a normalised attitude towards the assumption of nat cat risk as 1.6 draws to a close.
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- May 12 2023
Hannover Re sees up to 20% nat cat rate hike in Japan 1.4 renewals
APAC benefits from the discontinuation of proportional business; books US$100m of New Zealand cat losses.
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- May 5 2023
Swiss Re Asia 1.4 renewal premiums grow 25%
The reinsurer booked US$171m in New Zealand Q1 cat losses, says "a continuation of related costs seems unlikely at the moment'.
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- April 24 2023
New Asia player Deutsche Rück eyes expansion after beating 2023 target
Digitalisation, new and emerging risks, regulatory changes and infrastructure development will be regional growth drivers, says Asia managing director Tarik Aouad.
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- April 4 2023
Korean risks reeling from large industrial losses see 50% hikes in 1.4 renewals
Protracted negotiations on structures and data analysis requirements due to changes to cessions led to delays.
