Reinsurers move away from property catastrophe risks

A report by U.S.-based A.M. Best Co. Inc. showed that major global reinsurers are increasingly moving away from property catastrophe risks and updating their business portfolio with casualty and specialty primary lines, Asia Insurance Review reported. A.M. Best said the shift is mainly driven by more frequent and severe natural catastrophes and secondary perils, and the resulting property losses, which are eroding the reinsurers’ margins.