1 January 2024 renewals: higher reinsurance rates

According to broker Gallagher Re, reinsurance rates for natural catastrophe risks in the USA have increased by 50% for the 1 January 2024 renewals.

Meanwhile, Guy Carpenter has reported that these rates have gone up by 30% worldwide.

This surge in rates is the result of the high cost of natural catastrophe claims, estimated at 100 billion USD in 2023.

Aviation reinsurance prices have soared by 25%, while war risk premiums for ships entering the Red Sea are now ten times higher than they were at the beginning of the conflict in the Middle East.