Property reinsurers are resisting calls to lower prices or soften terms for cover against extreme weather, brokers say, signalling there will be no let-up in affordability pressures that have had ripple effects throughout the global economy.
Property catastrophe reinsurance, which insurers buy to share extreme weather-related losses claimed by homes and businesses they insure, has surged in price over the past 18 months, supporting a recovery in reinsurers’ underwriting profits and share prices.
Senior industry figures have called on reinsurers to cut prices and increase the amount of risk they are willing to absorb, to relieve pressure on insurers and their customers.
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