Insurance pricing cycle and reinsurance renewals. Hard markets raise premiums across every phase; soft markets compress insurer earnings.
What to watch: Rate changes; January 1 and June 1 renewals; catastrophe bond spreads. It arrives semi-annual, and the effect typically lasts years.
It sits in tier 3 — Flows and mechanics: Moves prices without changing anything fundamental, on horizons from hours to weeks. Who is forced to buy or sell, and when. Ignore this tier and market moves will regularly look inexplicable.
Its neighbourhood
Everything this entry connects to directly. Click any point to follow it.
Sectors it moves most
Also in Credit and banking
- Credit spreads
- Bank failures and systemic stress
- Bank lending standards (SLOOS)
- Bank earnings and provisions
- Corporate defaults and bankruptcies
- Private credit and shadow banking
- Commercial real estate and office loans
- Subprime auto and credit-card delinquencies
- Student loan repayment and delinquency
- Mortgage delinquency and foreclosure
- Deposit betas and net interest margins