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Rising Jebi losses will contribute to a squeeze on capacity.
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The insurer increased its participation at the Japan renewals in April.
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The insurer was hit by $5mn of cat losses in Q1 2019, adding 2.4 points to the combined ratio.
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Rates rose by almost 15 percent for cat programmes in the Japanese market, according to the French reinsurer.
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The increase gives an early indication that reinsurers may be able to secure significant increases at this year’s Floridian renewals.
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Reinsurers avoided another lacklustre renewal season with loss-affected business in Japan, the US and the retro market attracting rate rises.
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The relationship between Florida insurers and their reinsurers is obviously going through a rough patch. It makes you wonder whether the role of brokers this year might be akin to that of marriage counsellors.
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ILS managers are upping the pressure on Florida reinsurance buyers to change terms and conditions or retain more risk as 1 June renewal negotiations continue.
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In the US April renewals, loss-impacted business rose by 5 to 20 percent.
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Why has ‘payback’ become a dirty word in the reinsurance markets?
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The state is “still a cash cow for reinsurers” as over the past decade the Florida reinsurance combined ratio has been running at 79-80 percent, according to the analysts.
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The rate outlook from consultancy firm Raymond James is below the 20 percent-plus correction that reinsurers are pushing for.