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AM Best has maintained its positive outlook for the global reinsurance market.
The rating agency's decision was driven by reinsurers' solid underwriting profitability and the potential for strong results in 2024, despite an active Atlantic hurricane season.
Reinsurance rates and conditions have remained stable, and are not expected to ease over the coming months due to hurricane activity, notably Helene and Milton.
Demand for coverage is also still high, and could even continue to rise given the surge in natural catastrophe claims and the increasing economic and political uncertainty.
AM Best considers 2023 to be one of the best years in the sector's recent history, with several global reinsurers reporting combined ratios below 90% and returns on equity (ROE) exceeding 20%.
