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1.1 RENEWALS REPORT 2022: Turbulent Waters

renewals report 2022 reinsurance

Perhaps the most telling aspect of this season’s 1.1 reinsurance renewals, before we drill down into the dynamics of pricing or examine the myriad socio-economic pressures being brought to bear on cedants and reinsurers alike in a fascinating market, was this: they were late, and in many instances, renewals of programmes really went to the wire.

This challenging reinsurance renewal season saw reinsurers who were buffeted by the winds of high catastrophe losses, inflation, and continuing uncertainty over the development of COVID-related claims, seek improved pricing while cedants, especially those with respectable loss ratios, were equally keen to resist.

Without a doubt, market turbulence has altered the rulebook. Despite the fact that the industry is better capitalised than at any other point, there remains one other challenge that could prove to be the most significant challenge than those already identified in this report: inflation.

With so much news and commentary coming out of this year´s renewal season, we wanted to dig deeper and find out which events really caused an impact in 2021. We interviewed industry spokespeople from AM Best, Aon, Moody´s Analytics, and Mosaic Insurance to name a few, to get their view on this year´s 1.1. renewals. Our report captures their response to some of the main events in 2021, how they affected the 1.1 renewals and what´s in store for 2022.

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