Fitch Ratings: reinsurance rate increases to slow down in 2024

A recent study conducted by Fitch Ratings suggests that the increase in reinsurance rates for natural catastrophe risks is likely to slow down in the upcoming January 2024 renewals.

The rating agency is also expecting to see an improvement in market profitability, with higher underwriting margins and reinsurer profits.

The report also projects that insured losses caused by natural disasters will exceed 100 billion USD in 2023. Yet, the impact on reinsurers will be much lower than in 2022.

Fitch is maintaining an improved outlook for the global reinsurance market in 2024.