Insurers expect reinsurance rates to increase at least 5% at year-end renewals, according to a report issued by Moody’s Investors Services Inc. on Wednesday.

The predicted rises reflect the fallout from the coronavirus pandemic, natural catastrophe losses, tighter capacity and rising liability loss trends, according to the report, which is based on a survey of about 40 reinsurance buyers.

According to the survey, 90% of respondents expect price increases across all lines at year-end, and none foresee decreases, which compares with less than 50% expecting increases last year.

Reinsurance prices already increased significantly during mid-year renewals.

Most respondents to the Moody’s survey expect the largest reinsurance rate increases to be for property catastrophe risks, with more than 50% expecting U.S. and Caribbean property rates to rise between 5% and 7.5% and about 30% expecting rate hikes of 7.5% to 15%. About 35% expect casualty rates to rise 5% to 7.5% and under 20% expect 7.5% to 15% rate hikes for casualty reinsurance risks.

“Some cedants aim to avoid price increases by conceding on terms and conditions, or raising attachment points on excess-of-loss covers, while others expect ceding commissions from reinsurers to decline,” the report said.

Meanwhile, reinsurance executives at Aon PLC said rate rises will likely continue during the year-end renewal season.

Reinsurers have faced “a confluence of impacts” on their business, including low interest rates, three years of high catastrophe losses and high liability losses in the United States due to “social inflation” or increased court judgments and settlements, said Andy Marcell, New York-based CEO of reinsurance solutions at Aon.

“The outcome, as we move into 1/1 having already seen some rate rises happening in the property reinsurance market, is we expect that to continue although we do expect that reinsurers will be focused on their specific partnerships with the clients they are targeting,” he said.

He was speaking during a conference call with reporters Wednesday. Several reinsurers and reinsurance brokers have organized calls this week in lieu of the Rendez-Vous de Septembre reinsurance meeting in Monte Carlo, which was canceled due to the pandemic.