Reinsurance rate increases at 1/1
Tuesday, 10 17 2017, Category: Insurance and Reinsurance, Country: World
Third-quarter 2017 catastrophe losses are likely to erode the reinsurance sector’s earnings and become a capital event for the space, resulting in rate increases of up to 5% at 1/1, according to rating agency Standard & Poor’s (S&P).
Global reinsurers have started to release loss estimates for the third-quarter of 2017, in light of the impacts of hurricanes Harvey, Irma, and Maria, and the Mexico earthquake events. At the same time, there’s still a chance for further storm activity in the remainder of the Atlantic hurricane season, and reinsurers are keeping a close eye on the devastating California wildfires.