Big insurance losses from hurricanes, wildfires, and other natural disasters are set to push reinsurance renewal rates higher in January.
An"Emergency shelter" sign points to the Pedro Menendez High School ahead of the arrival of Hurricane Dorian in St. Augustine. Ratings agencies say that insurance losses from natural disasters, like Hurrcane Dorian, will increase reinsurance renewal rates in January.Currently, UBS analysts estimate that the reinsurance industry has excess capital, but this could be whittled down by natural catastrophe losses.
S&P said rates would likely rise by around 5%, Moody's expected rises of 0-5%, while Fitch predicted 1-2%, in briefings ahead of the reinsurance industry's annual conference in Monte Carlo which begins on Saturday.and the Lloyd's of London market help insurers share the risks of disasters in return for part of the premium.
Insurers are increasingly concerned about the impact of bad weather linked to climate change, with an increase in wildfires in California among the most costly in recent years, something S&P said could see rates there jump 30-70%.
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