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Reinsurance pricing rose 10% to 30% on average for loss-affected accounts at June 1 renewals, based on conversations with reinsurers, Morgan Stanley analysts said.
Loss-free accounts are renewing flat to up 10% as “reinsurers have held the line on pricing” at June 1 Florida renewals, New York-based Morgan Stanley said in a report Monday.
Retrocessional capacity is “limited,” according to industry stakeholders, the report said, noting the loss of Markel CATCo, the specialist asset manager of Markel Corp., “adds to the tight retro market.”
The report also noted that alternative capital remains an “integral part” of the reinsurance market as investors have demonstrated their ability to pay claims and “reload after large losses,” but higher catastrophe losses and increased regulatory scrutiny “could dampen third party investor interest.”
While nontraditional capital providers have a lower cost of capital than traditional reinsurers and can thus offer lower-cost products, the nontraditionals also have “a certain return threshold, and the market is likely near that floor,” the report said.
Capital dedicated to the global reinsurance industry dropped 5% to $462 billion at year-end 2018, according to a report Tuesday from Willis Towers Watson PLC.