Auckland floods and Turkey earthquake add pressure on upcoming renewals
February 13 2023 by InsuranceAsia News Staff
MORE FROM: Renewals
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April 1 renewals point to signs of reinsurance market peaking
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The orderly 1.4 renewals saw a revival in property cat appetite, and modest reductions in rates and easing of conditions, though retentions remain high and per risk and US casualty continue to be hard to place.
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APAC markets see stable renewals on ample capacity, reinsurer appetite: brokers
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The supply-demand dynamics have shifted in favour of reinsurance buyers in the April renewals, leading to better pricing and easing of market conditions across Japan, India, Korea, the Philippines and China.
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April 1 renewals see ‘dramatic shift’ in favour of cedents: Aon
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Japan property cat rates were flat to slightly reducing, while South Korea, China and India also saw increased competition for catastrophe business.
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1.4: South Korean cedents to see single-digit rating increases
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While the market has yet to fully recover from the past years’ big industrial and cat losses, reinsurers are comfortable with where the rates, terms and conditions are now.
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