The global reinsurance market has been fundamental to the management and mitigation of risk for over 150 years. Guy Carpenter’s Protecting our Planet and the Public Purse report examines how the reinsurance market’s innate ability and desire to innovate and evolve through different market cycles and periods of change has helped to strengthen the market’s resolve and resilience t ... Continue Reading »
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COVID-19: The View From the Marketplace
As we learn more about the COVID-19 virus, societal responses and vaccine development, our collective knowledge continues to develop. Throughout this time, Guy Carpenter is continually connecting with our clients and business associates to gather the key questions health insurers are asking along with the range of potential outcomes. ... Continue Reading »
June 1, 2020 Reinsurance Renewal: COVID-19 Looks Set to Rank Among the Sector’s Most Expensive Events
Although considerable uncertainty remains over its ultimate cost, COVID-19 looks set to rank among the sector’s most expensive events. The pandemic has the potential to bring unknown loss impacts. It is also likely to be one of the slowest developing catastrophes that carriers have ever encountered, likely creating a prolonged period of uncertainty. ... Continue Reading »
June 1, 2020 Reinsurance Renewal: The Market Reevaluates Exposures as Conditions Tighten
Even before the COVID-19 crisis, the reinsurance market was facing an increasingly challenged operating environment. Shifting views of risk, a lack of new capital inflows, higher loss cost trends and deteriorating loss experience led to tightening market conditions at January 1, 2020 renewals. ... Continue Reading »
June 1, 2020 Reinsurance Renewal: The Impact of COVID-19 on Florida Property Catastrophe Pricing
The June 1, 2020 renewal is the first genuine test of the reinsurance market since the COVID-19 outbreak prompted government-mandated lockdowns across the globe. The pandemic has compounded an already firming reinsurance environment, resulting in challenged placements and pronounced property catastrophe pricing increases, particularly in Florida. ... Continue Reading »
Reinsurance Resilience and Value: Protecting our Planet and the Public Purse
The global reinsurance market has been fundamental to the management and mitigation of risk for over 150 years. Guy Carpenter's Protecting our Planet and the Public Purse report examines how the reinsurance market's innate ability and desire to innovate and evolve through different market cycles and periods of change has helped to strengthen the market’s resolve and resilience t ... Continue Reading »
January 1, 2020, Reinsurance Renewals: A Smooth Transition
The (re)insurance sector is undergoing a period of transition: views of risk are changing and risk appetites are responding accordingly. This shift has manifested itself more acutely in the primary market, as underperformance across multiple lines of business over several years has led to market hardening. This is evidenced by Marsh’s Global Insurance Market Index, which shows g ... Continue Reading »
January 1, 2020, Reinsurance Renewals: Casualty
The backdrop to casualty reinsurance renewals at January 1, 2020 was more difficult, as heightened litigation costs, more generous jury verdicts and shifting attitudes in the United States forced reinsurers to adopt more cautious underwriting positions. Higher loss cost trends, increased frequency of severity and loss development beyond reinsurers’ expectations led to market t ... Continue Reading »
January 1, 2020, Reinsurance Renewal: Key Takeaways
Guy Carpenter this month released its briefing on the 2020 reinsurance market renewal environment. Here are the key takeaways from our analysis of the renewal: • The reinsurance market is healthy and responsive overall. • Dedicated reinsurance capital remains abundant, with a modest increase over last year-end, driven by rated capital. • Market adjustments are occurr ... Continue Reading »
January 1, 2020, Reinsurance Renewals: Property Catastrophe
Pricing corrections in the property catastrophe reinsurance market over the last few years have been localized, and mitigated to some extent by sufficient levels of capacity. These traits, along with the fact that the mix of loss-affected and non-loss-affected business up for renewal at January 1 is more diverse than at mid-year, created a wide range of outcomes, including ... Continue Reading »
