Cat losses likely to wipe out reinsurers' earnings: S&PReprints
A report by U.S.-based S&P Global Ratings Inc. predicted that reinsurers' earnings for the year could be wiped out as the industry has incurred catastrophe losses of more than $100 billion, The Royal Gazette reported. "As reinsurers are coping with their third-quarter catastrophe-related losses, their capital could take a hit," the ratings agency said. S&P expects global reinsurance prices to increase by up to 5% at Jan. 1, 2018, renewals. "Given the magnitude of the losses, we expect reinsurers to hold flat on pricing at the very least, but most will likely demand higher risk premiums at this time," S&P added.