U.S. property catastrophe reinsurance rates rose by as much as 50% at a key July 1 renewal date, broker Gallagher Re said in a report on Monday, with states such as California and Florida increasingly hit by wildfires and hurricanes.
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.
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