Global property reinsurance rates to drop for 2024

Global property catastrophe reinsurance rates are expected to decline by 5 per cent to 15 per cent on January 1 for portfolios that have not experienced losses, according to reinsurance broker Guy Carpenter.

After years of rate increases driven by heightened losses from wars and natural disasters, the market is becoming more competitive as reinsurers report strong profits.

“Renewal outcomes at year-end reflect reinsurers’ positive property experience over the last two years,” said Dean Klisura, president and CEO of Guy Carpenter, on Monday.

However, insurance portfolios impacted by catastrophe losses in the United States, Europe, and Canada will face either unchanged rates or increases of up to 30 per cent, Guy Carpenter added.

Attribution: Reuters

Subediting: Y.Yasser