Global reinsurance pricing not hard, but firming
Thursday, 06 06 2019, Category: Insurance and Reinsurance, Country: World
After a two year period where it seemed unlikely that catastrophe losses would be enough to harden the overall market, S&P Global Ratings says reinsurers saw some green shoots during the 2019 April and June renewals, with property catastrophe rate increases in the 15% to 25% range on loss affected accounts.
In a new report, S&P states that at this stage in the cycle, it considered the current global reinsurance pricing environment as a firming market rather than a hard one.
S&P says that, overall, reinsurance pricing assumptions were challenged by continued loss creep from catastrophe losses in 2017 and 2018.