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Some global property catastrophe reinsurance rates to fall 5% to 15% on Jan 1, broker says

Published by Global Banking & Finance Review

Posted on December 30, 2024

1 min read

· Last updated: January 27, 2026

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Graph showing declining global property catastrophe reinsurance rates for 2024 - Global Banking & Finance Review
The image illustrates the projected decrease in global property catastrophe reinsurance rates by 5% to 15% as reported by Guy Carpenter, highlighting market trends in finance and insurance.
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Global Property Catastrophe Reinsurance Rates Set to Decrease by 5-15%

LONDON (Reuters) - Global property catastrophe reinsurance rates will fall 5% to 15% on Jan. 1 for books of businesses which have not suffered losses, reinsurance broker Guy Carpenter said on Monday, as the market becomes more competitive after years of rate rises.

Reinsurers insure the insurers, and have raised prices and excluded some business in recent years following increased losses from wars and natural catastrophes. However, reinsurers have become more willing to take on risk after enjoying strong profits, Guy Carpenter, a unit of Marsh McLennan said.

“Renewal outcomes at year-end reflect reinsurers’ positive property experience over the last two years,” Dean Klisura, president and CEO of Guy Carpenter, said in a statement.

However, insurance portfolios which have faced catastrophe losses in the United States, Europe and Canada will see unchanged rates, or rises of up to 30%, Guy Carpenter added.

(Reporting by Carolyn Cohn)

Key Takeaways

  • Reinsurance rates to fall 5% to 15% for loss-free books.
  • Market competitiveness increases after years of rate rises.
  • Reinsurers more willing to take risks after strong profits.
  • Rates unchanged or up to 30% higher for portfolios with losses.
  • Guy Carpenter provides insights on market trends.

Frequently Asked Questions

What is the expected change in global property catastrophe reinsurance rates?
Global property catastrophe reinsurance rates are expected to fall by 5% to 15% on January 1 for businesses that have not suffered losses.
What has influenced the recent pricing strategies of reinsurers?
Reinsurers have raised prices and excluded some business in recent years due to increased losses from wars and natural catastrophes.
How will insurance portfolios with catastrophe losses be affected?
Insurance portfolios that have faced catastrophe losses in the US, Europe, and Canada will see unchanged rates or increases of up to 30%.
Who provided the insights on the reinsurance rate changes?
The insights were provided by Dean Klisura, president and CEO of reinsurance broker Guy Carpenter.
What does the renewal outcome reflect for reinsurers?
The renewal outcomes at year-end reflect reinsurers' positive property experience over the last two years.

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