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Mid-year reinsurance renewals showed hefty increases in U.S. property business and more modest casualty rate movements, according to a report Friday from Gallagher Re, the reinsurance business of Arthur J. Gallagher & Co.
U.S. reinsurance renewals nationwide saw rate increases ranging from 5% to 15% for loss-free accounts to up 20% to 40% for catastrophe-exposed, loss-hit accounts.
In Florida, increases began at 5% to 15% for the best loss-free business and climbed to up 20% to 50% for catastrophe-exposed loss accounts.
Risk excess and catastrophe capacity became more constrained as some traditional London and Bermuda reinsurers pulled back from property and catastrophe reinsurance, Gallagher Re said.
Casualty increases were less steep, with general liability up 5% to 15% with losses and down 5% to up 5% with no loss emergence. Rates rose up to 25% in health care liability with loss emergence but only 0% to 5% with no loss.
U.S. motor liability was up 25% with loss emergence and 10% without, and U.S. professional liability was down 5% to up 5% without loss; data for loss emergence increases was not given.
Reinsurers’ interest in U.S. casualty lines remains stable, but concern is rising about some loss dynamics including the frequency of large losses, growing verdicts and settlements, litigation financing and medical inflation, the report said.
James Kent, global CEO at Gallagher Re, said in a statement with the report that while discussions about inflation have been detailed and technical, “…reinsurance buyers have been able to acquire most of the coverage they wanted, if not at the prices they had hoped for.”