Fitch Ratings published midyear underwriting results for 19 non-life reinsurers, finding that the group’s average first-half 2024 combined ratio was 84.2, and forecasting continued profits for the rest of 2024 and 2025 also. But while reinsurers will continue to maintain underwriting discipline and achieve favorable returns in 2025, “margins will peak in 2024,” Fitch Ratings analysts stated in their midyear 2024 report. https://lnkd.in/gxb_XdA9
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Reinsurers in all regions have recorded gross premiums of 400 billion USD in 2022, an increase of 4.36% in one year. Over the period 2013 to 2022, premium growth stood at 67%. The percentage of reinsured direct premiums reached its highest level in 2022, at 5.9%.
Reinsurance market in 2022
atlas-mag.net
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The underwriting margins for reinsurers are anticipated to reach their peak in 2024, driven by significant price increases and stricter terms and conditions established in 2023 and during the renewals in early January 2024
2024 Expected to Mark Peak in Reinsurers' Underwriting Profits
beinsure.com
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Strong ROE for Swiss Re levels might indicate the reinsurance cycle is near a peak. However, the growth in profit that Swiss Re is forecasting seems to imply some large growth in premiums, or large growth in rates - only one of which implies a softening of the cycle. This wouldn't be the first time good news followed by strong growth forecasts turned out to be overly optimistic in a mean-reverting world where everyone want to grow. As capitalisation levels are restored from good underwriting results recently, many reinsurers will face pressure to grow. I'm looking forward to slightly easier renewals over the next 9 months.
Reinsurance giant Swiss Re has announced net income of $1.1 billion and a return on equity (ROE) of 21.3% for the first quarter of 2024, as property and casualty reinsurance net income hit $552 million with a combined ratio of 84.7%.
Swiss Re posts Q1'24 net income of $1.1bn and P&C CoR of 84.7% - Reinsurance News
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Global reinsurance market: special renewal 2024 In a context of high volatility, the 2022 reinsurance market has shown a mixed picture. After several years of underperformance, reinsurers have adopted a more cautious technical approach over the past two years, imposing underwriting discipline over long cycles, while redeploying available capital. It's a strategy that has resulted in higher profitability in 2021 and 2022. Atlas Magazine takes stock of the reinsurance situation on the eve of the 2024 renewals. Challenges faced by the reinsurance market in 2023 With rising claims, higher inflation and persistently low interest rates, reinsurers have been operating in an unfavorable environment for several years. They are also faced with new, more complex and poorly modeled risks: pandemics, cyber risks, climatic events, financial, inflationary and political risks. In this challenging environment, reinsurance companies have no choice but to adapt. They have to strike the right balance between limited capacity and strong demand from their customers. Following are also discussed in the attached article. A) Decline in reinsurance capacity B) Climatic losses on the rise in 2022 C) High exposure to primary and secondary hazards D) Inflationary trends E) US insurers withdraw from certain risks F) Conflicts, riots and civil unrest #SIRC #Growth #reinsurance #nonlifeinsurance #underwriting #claims #Facultativeclaims #Retrocession #Treatyreinsurance #Facultativereinsurance #Insurance #sirc2023 #singapore #lifeinsurance #Collaboration
Global reinsurance market: special renewal 2024
atlas-mag.net
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The #UK life sector’s use of funded reinsurance (‘funded re’) to support bulk annuity business is likely to stay below 30% of bulk #annuity premiums in 2024-2026. Together with proposed tight regulation and #insurers’ use of diversified panels of highly rated #reinsurers, this will limit the risks associated with funded re as the bulk annuity market grows. Full article here: https://lnkd.in/ezmUt_84 Analysis by Joanna Mason FIA and Rishikesh Sivakumar, CFA, FCCA
UK Life Sector’s Funded Re to Stay Below 30% of Bulk Annuity Premiums
fitchratings.com
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Fitch Ratings anticipates UK life insurers’ bulk annuity volumes to continue rising in 2024, surpassing £60 billion, with funded reinsurance (funded re) becoming increasingly prevalent.
Fitch anticipates surge in UK life insurers' bulk annuity sales and funded re - Reinsurance News
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The underwriting margins for reinsurers are anticipated to reach their peak in 2024, driven by significant price increases and stricter terms and conditions established in 2023 and during the renewals in early January 2024 https://lnkd.in/dYwSDzwN
2024 Expected to Mark Peak in Reinsurers' Underwriting Profits
beinsure.com
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Check out this teaser of the SOA Accelerated Underwriting Reinsurer Practices Survey, published in the February edition of Reinsurance News: https://lnkd.in/eEsHznvF
SOA Accelerated Underwriting Reinsurer Practices Survey
soa.org
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“For the most part, reinsurers maintained the named-perils basis in January 2024, but because supply and demand were more easily matched this year and certain deals were oversubscribed, brokers were able to push for limited compromises on terms,” AM Best said of terms from the 1.1. Read the article for more: https://ow.ly/jcok50QXHl3 #Insurance #Reinsurance
Named-perils first to fall as reinsurance capacity arrived for 1.1
intelligentinsurer.com
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Bermuda-based reinsurer Conduit Re recorded a rise in gross premiums written (GPW) in 2023 to $931.4 million, as reinsurance revenue increased 61% year-on-year to $633 million and the company’s combined ratio strengthened considerably to 72.1%. #insurance #reinsurance
Conduit Re posts strong 2023 results with 72.1% CoR and reinsurance revenue growth - Reinsurance News
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