U.S. property reinsurance rates rise by up to 50% on Jan 1-broker says

[Eugene]

Source: Reuters

U.S. property reinsurance rates rise by up to 50% on Jan 1-broker says

Reuters
January 2, 2024 8:56 AM EST Updated an hour ago

LONDON, Jan 2 (Reuters) - U.S. property catastrophe reinsurance rates rose by as much as 50% on the key Jan. 1 renewal date, broker Gallagher Re (AJG.N) 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 SRENH.S estimated last month.

U.S. property catastrophe reinsurance rates rose by as much as 50% on Jan. 1, 2024 for policies previously hit by natural catastrophes, while such rates doubled in Turkey, Gallagher Re said.

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Read more: https://www.reuters.com/markets/us/us-property-reinsurance-rates-rise-by-up-50-jan-1-broker-says-2024-01-02/

Alternate no-paywall link: https://news.yahoo.com/u-property-reinsurance-rates-rise-083806051.html

[MOMFUDSKI]

1. And even more in

Floriduh.

[jimfields33]

2. And California.