Performance among the 17 non-life reinsurers monitored by Fitch Ratings Inc. improved during the first half of 2021 as the group’s combined ratio dropped to 94.5% from 105.9% during the first half of 2020 and net premiums written jumped 18.47% to $72.78 billion, Fitch said in a report Monday.
Last year’s first-half combined ratio included $6.1 billion of COVID-19 pandemic-related reinsurance losses, Fitch said, compared with only $500 million in non-life pandemic reinsurance losses in the first half.
Only two of the companies, Markel Corp. and RenaissanceRe Holdings Ltd., reported a higher reinsurance combined ratio than in the prior year.
Insured natural catastrophe losses were a “manageable” $40 billion in first-half 2021, more than both the $35 billion of insured catastrophe losses in first-half 2020 and the $33 billion 10-year average from 2011-2020 of first-half insured losses.
Meanwhile, reinsurance premium rate increases continue, although “market pricing at the various 2021