LONDON (Reuters) – Global property catastrophe reinsurance rates will fall by 5% to 15% on January 1 for the books of companies without losses, as the market becomes more competitive after… Years of high interest rates. .
Reinsurance companies insure insurance companies, and they have raised prices and excluded some business in recent years after increasing losses resulting from wars and natural disasters. However, reinsurers have become more willing to take risks after posting strong profits, said Guy Carpenter, a unit of Marsh McLennan.
“Our year-end renewal results reflect reinsurers’ positive real estate experience over the past two years,” Dean Klisora, president and CEO of Guy Carpenter, said in a statement.
Jay Carpenter added that insurance portfolios that faced catastrophic losses in the United States, Europe and Canada will see interest rates unchanged, or increases of up to 30%.
(Reporting by Caroline Cohen)
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