US rate increases to spread to Europe
Thursday, 10 26 2017, Category: Insurance and Reinsurance, Country: Europe
Rate hardening in the US and the Caribbean due to recent nat cat losses is set to unwind past price reductions in Europe, Jens-Ulrich Peter, Swiss Re head of property underwriting, EMEA, told Baden-Baden Today.
Hurricanes Harvey, Irma and Maria together with two earthquakes in Mexico caused insured losses in the third quarter estimated to exceed $100 billion, to become the costliest in history.
As a result, Bernstein analysts expect US nat cat prices to increase by an average of 10 percent and US commercial property to go up by an average of 5 percent.
Source: Intelligent Insurer