Competition, cat losses hamper reinsurers' profitability: A.M. Best
Reprints
U.S.-based ratings agency A.M. Best Co. Inc. said that increasing competition and large catastrophe losses are hampering reinsurers' profitability across the world, The Royal Gazette reported. Robert DeRose, senior director at A.M. Best, said that catastrophes caused $131 billion in insured losses in 2017, compared with the ten-year average of $51 billion. Mr. DeRose said that reinsurers are likely to continue to consolidate following increasing influence of alternative capital and domination of a few global reinsurers.
