Reinsurers insure insurance companies, and have been raising rates in recent years because of steepening losses, which industry players put down in part to the impact of climate change. Higher reinsurance rates can affect the premiums which insurers charge to their customers.
Reinsurers are raising the amounts which insurers have to pay themselves before reinsurance kicks in, Vickers added. Reinsurance rate increases for U.S. and Florida property catastrophe policies averaged 25-35% at July renewals, broker Aon said in a note last week.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: