STATISTICS:

BB Headlines: Rates are settled to increase following Q3 events

  • The main effect after the Q3 nat cat bill of over USD 100 billion: Global reinsures said - the "discounts and reductions in tariffs era" especially in European reinsurance market for the January 2018 renewals, will come to end. At the same time, some reinsurers might disappear and there are likely to be more mergers, acquisitions and run-offs processes.
  • The Baden-Baden Meetings big topic is around how reinsurers to respond to Q3 nat cat events "and how they are willing or otherwise to match their aspirations to an individual client's circumstances such that the reinsurance product retains its credibility as the best risk and capital management tool over time. Each client will have a different case to make and reinsurers have to persuade clients that they will listen to each separately", said Nick FRANKLAND, CEO, AON BENFIELD quoted by Reactions.
  • MUNICH Re said total insured losses from recent hurricanes to over USD 100 billion and probably, will increase property catastrophe tariffs at the January 2018 renewals
  • Swiss Re estimates losses from Q3 catastrophe events to USD 3.6 billion (hurricanes Harvey, Irma and Maria and the earthquakes in Mexico). At the same time, the reinsurer estimates the industry-wide toll from these catastrophe events will be around USD 95 billion.
  • "For European business renewals, the situation is back to normal, which means that for loss free programmes a flat renewal is my best discount". Dr. Michael PICKEL, Board Member, HANNOVER Re, quoted by Reactions.
  • FITCH Ratings said as a result of Q3 cat events, reinsurance rates will increase, particularly on US property cat lines. FITCH believes that for the big European reinsurers, "these events will represent a significant hit to earnings in 2017, but they are unlikely to impact the very strong levels of capital held".
  • SOMPO JAPAN expects USD 618 million Q3 cat impacts, of which hurricane Irma was responsible for more than half: USD 326 million. Harvey has cost SOMPO JAPAN about USD 212 million, while Maria is expected to result in a bill of about USD 71 million, wrote Insurance Day.
  • Johannes Martin HARTMANN, Chairman of the Prague-based VIG Re said the reinsurer's target at Baden-Baden Meetings is the German mutual market, as well public law insurers. This September, VIG Re opened its first branch office, based in Frankfurt am Main, Germany.
  • After BREXIT take effect, Lloyd's will continue to conduct business with its EEA partners from Bruxelles, the capital city of Belgium. This region accounted for about 11% of Lloyd's 2016 premiums.
  • One possible side-effect of BREXIT: "The UK is an important market for Swiss RE and it will remain so, but if there are withdrawals from the UK then there will be some run-off opportunities for us to take advantage of - if clients decide to exit certain lines of business", said Frank O'NEILL, Swiss Re's UK head, quoted by Reactions.

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BB Headlines: Rates are settled to increase following Q3 events

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