Insurers can expect double-digit reinsurance rate hikes at renewals

U.K.-based consultancy firm Peel Hunt LLP expects reinsurance rates to increase at least by around 15% or more at the 2023 reinsurance renewals as reinsurers adjust rates to account for climate change-related loss trends and inflation, Artemis reported. Risk-averse reinsurers are likely to reduce capacity in the property catastrophe classes.