How climate change is affecting catastrophe reinsurance prices
Property catastrophe reinsurance premiums are expected to rise in the 1/1 renewals in January 2023 due to high inflation, climate change, and heightened geopolitical tensions. Premium rates are predicted to increase by over 10%, especially for catastrophe reinsurance premiums which faced insured losses of about $120 billion in 2022. The most recent driver of premium raises has been Hurricane Ian which caused $35-$55 billion of insured losses. The reinsurance industry needs to