Industry Segments: Renewals Page 4 / 6
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- November 9 2023
Reinsurers are there to protect cedents’ balance sheets, not P&L volatility: Axa XL Re’s Guidée
The chief executive flags up US casualty exposure concerns for APAC insurers as “risks are more interconnected”.
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- November 6 2023
SIRC: Five key themes from the 2023 edition
With the region's biggest reinsurance gathering behind us, we bring you the big takeaways from last week's Singapore event and what they mean for the upcoming renewals.
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- November 2 2023
SIRC: Asia’s PV and terrorism market faces second overhaul at 1.1 renewals
Reinsurance prices are going up and attachment points are changing, says Axa XL's Mark Houghton, with demand coming from banks, export credit agencies and government multilateral initiatives.
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- November 1 2023
SIRC: ‘There are more purchases towards the capital piece than the earnings piece’ — Gallagher Re’s Mark Morley
The broker's head of Asia Pacific is looking for a 'more nuanced approach' to the upcoming 1.1 renewals as it targets ‘ambitious’ growth around the region.
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- October 20 2023
Record heat in 2023 spurs myriad APAC nat cat losses
15% of insured nat cat losses so far this year have been in Asia, with yet another US$100bn-plus loss year in the making, says Gallagher Re.
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- October 4 2023
Lack of aggregate cover brings earnings volatility to APAC carriers
As rates soar, insurers are retaining more nat cat risk on their books, with the situation set to continue into the 2024 renewals.
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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.
