Reinsurers’ net income drops 72% despite strong underwriting results

Credit rating agency DBRS Morningstar said that global reinsurers’ aggregate net income dropped by more than 72% year-on-year in the first half of the year despite strong underwriting performance, Reinsurance News reported. The decline in profitability is blamed on the increasing pressure from the Atlantic hurricanes and consequent losses and the adverse impacts of high interest rates on equity and bond valuations.