Global reinsurance rates set to drop by up to 15%

MG News | December 30, 2024 at 03:12 PM GMT+05:00

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December 30, 2024 (MLN): Global property catastrophe reinsurance rates are expected to drop by 5% to 15% on January 1 for books of business that have not incurred losses, reinsurance broker Guy Carpenter announced on Monday.

This decline reflects increased market competition following several years of rising rates, as Reuters reported.

Reinsurers insure the insurers, and have raised prices and excluded some business in recent years following increased losses from wars and natural catastrophes.

However, reinsurers have become more willing to take on risk after enjoying strong profits, Guy Carpenter, a unit of Marsh McLennan said.

“Renewal outcomes at year-end reflect reinsurers’ positive property experience over the last two years,” Dean Klisura, president and CEO of Guy Carpenter, said in a statement.

However, insurance portfolios which have faced catastrophe losses in the United States, Europe and Canada will see unchanged rates, or rises of up to 30%, Guy Carpenter added.

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