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US real estate reinsurance renewals show big increases: Gallagher Re



Reinsurance renewals in the middle of the year showed significant increases in real estate transactions in the US and more modest movements in the claims rate, according to a report on Friday from Gallagher Re, Arthur J. Gallaghers & Co’s reinsurance business.

Reinsurance renewals in the United States across the country saw interest rate increases from 5% to 15% for loss-free accounts to up to 20% to 40% for disaster-prone, loss-making accounts.

In Florida, increases ranged from 5% to 15% for the best loss-free business and climbed up to 20% to 50% for disaster-prone loss accounts.

Surplus risk and disaster capacity became more limited as some traditional London and Bermuda reinsurers withdrew from property and disaster reinsurance, Gallagher Re said.

The increase in accidents was less steep, with the general liability up 5% to 1

5% with losses and down 5% to up 5% without any loss. Prices rose by up to 25% in healthcare liability with losses, but only 0% to 5% without loss.

US car liability increased by 25% with losses and 10% without, and US professional liability decreased by 5% to up 5% without loss; data for increases in loss incidence were not provided.

Reinsurers’ interest in US accident lines remains stable, but concerns are growing about some loss dynamics, including the frequency of large losses, growing judgments and settlements, litigation financing and medical inflation, the report said.

James Kent, global CEO of Gallagher Re, said in a statement with the report that although discussions on inflation have been detailed and technical, “… reinsurance buyers have been able to obtain most of the coverage they wanted, if not at the prices they had hoped for. “


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