{"id":58420,"date":"2023-09-08T07:34:12","date_gmt":"2023-09-08T11:34:12","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/reinsurance-rates-to-rise-in-2024-soften-in-2025-fitch-analyst\/"},"modified":"2023-09-08T07:34:15","modified_gmt":"2023-09-08T11:34:15","slug":"reinsurance-rates-to-rise-in-2024-soften-in-2025-fitch-analyst","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=58420","title":{"rendered":"Reinsurance rates to rise in 2024, soften in 2025-Fitch analyst"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: The Fitch Ratings logo is seen at their offices at Canary Wharf financial district in London,Britain, March 3, 2016. REUTERS\/Reinhard Krause<\/span>
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LONDON (Reuters) – Reinsurance rates are likely to continue to rise in 2024, though at a slower pace than in 2023, and prices will start to fall in 2025, Fitch Ratings analyst Robert Mazzuoli told Reuters on Thursday.<\/p>\n

Reinsurers – who insure insurers – have pushed up rates in recent years in response to the COVID-19 pandemic, war, inflation and climate change-fuelled natural catastrophes, boosting their profitability.<\/p>\n

“Our current expectation is the hard market environment will remain for 2024. We expect very incremental price increases, it will be lower than the ones we have seen,” said Mazzuoli, a senior director at Fitch.<\/p>\n

\u00a0\u00a0\u00a0 “Beyond that, we would expect a softening to start in 2025.”<\/p>\n

Property catastrophe reinsurance rates were likely to rise in the “low double digit” percentage range next year, while casualty – or liability – reinsurance would stay flat, due to increased competition in the market, Mazzuoli said.<\/p>\n

The reinsurance industry holds its annual conference in Monte Carlo next week, when insurers and reinsurers start to hammer out deals for next year.<\/p>\n

Fitch on Thursday raised its global reinsurance sector outlook to “improving” from “neutral” on rising prices, following an upgrade by S&P Global earlier this week.<\/p>\n

The overall Lloyd’s of London commercial insurance market and major Lloyd’s insurer Beazley reported bumper profits on Thursday. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: The Fitch Ratings logo is seen at their offices at Canary Wharf financial district in London,Britain, March 3, 2016. REUTERS\/Reinhard Krause LONDON (Reuters) – Reinsurance rates are likely to continue to rise in 2024, though at a slower pace than in 2023, and prices will start to fall in 2025, Fitch […]<\/p>\n","protected":false},"author":1,"featured_media":4722,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-58420","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nReinsurance rates to rise in 2024, soften in 2025-Fitch analyst | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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