Some global property catastrophe reinsurance rates to fall 5% to 15% on Jan 1, broker says

Marsh & McLennan Companies

30/12/2024 07:00

LONDON, Dec 30 (Reuters) - Global property catastrophe
reinsurance rates will fall 5% to 15% on Jan. 1 for books of
businesses which have not suffered losses, reinsurance broker
Guy Carpenter said on Monday, as the market becomes more
competitive after years of rate rises.
    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  MMC.N  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.

    
    

 (Reporting by Carolyn Cohn)
 ((carolyn.cohn@thomsonreuters.com; 44 207 513 4391;))