The 1.1 reinsurance renewals season always stokes up a fair degree of hype and debate. Still, with so much happening during 2020 and in the year of a global pandemic, this has been one of the most intriguing treaty renewal seasons in recent memory.
Covid-19 has been a game-changer, altering the context in which we live and work, irrevocably affecting lives and dislocating markets. Of course, all this and the impact of Blueprint Two, which has continued to streamline the placement, tax, and accounting systems across the Lloyd’s market as it seeks to reduce collective costs by some £800 million.
In this renewal season, several topics provoked a great deal of analysis. There was a lot of chatter surrounding whether we would see price rises, and if such rating increases were to be achieved, would reinsurers be satisfied with having secured rate adequacy across their portfolios? And what was the market saying around exclusionary language, particularly around contagious diseases wording? What about the resilience of the Bermudian reinsurance market? Why was it singled out? What are the reasons for the continued firming of reinsurance pricing in the US general third-party liability market? Finally, what’s the industry saying about insurance-linked securities and catastrophe bond offerings?
The burning question for reinsurers is whether they will come away content from the renewal season? What do you think about this virtual reinsurance renewal season?
It’s fair to say that this reinsurance renewal season generated a vast array of commentary and analysis. As a reinsurance software solution provider, we’ve done the legwork for you and sifted through all of the news, and carefully distilled the critical stories on your behalf so that you can absorb the main takeaways. So sit back, make yourself comfortable, and let AdvantageGo guide you through the key components of the latest reinsurance renewal season.
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