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Insurers, reinsurers likely to hike rates following cat losses

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Insurers and reinsurers across the world are likely to raise premium rates following losses due to natural catastrophes in the third quarter, Reuters reported. U.S.-based catastrophe risk modeling firm AIR Worldwide Corp. said that hurricanes Irma and Maria caused $135 billion in insured losses, while the earthquakes in Mexico are expected to cost billions more. Meanwhile, Russell Barlow, head of hedge fund investments at Aberdeen Standard Investments, said that reinsurers that take on risk from other reinsurers, known as retrocessionaires, are "one of the most attractive routes to access the uplift in premiums."

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