So is the property insurance industry apparently.
Tue, January 2, 2024 at 3:38 AM EST
LONDON (Reuters) - U.S. property catastrophe reinsurance rates rose by as much as 50% on the key Jan. 1 renewal date, broker Gallagher Re said in a report on Tuesday, as reinsurers look to recoup losses from natural disasters such as wildfires, storms and hurricanes.
Reinsurers provide insurance for insurers and the prices they agree at the beginning of each year set the trend for the cost of insurance for the next 12 months.
Earthquakes in Turkey and Syria, wildfires in Hawaii and other natural catastrophes caused an estimated $100 billion in insured losses in 2023, down from 2022 but still well above normal, reinsurer Swiss Re estimated last month.
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In response to this post by JMHoo)
Posted: 01/02/2024 at 09:57AM