Reinsurance rate hikes ‘inevitable’ at January 2023 renewals

Analysts at investment banking firm Jefferies International Ltd. predict the reinsurance renewal rates increases will accelerate at the upcoming Jan. 1 renewals, Artemis reported. Rate hikes will be driven by significant catastrophe losses this year, especially from Hurricane Ian, Australian floods and French summer hailstorms, and weaker margins of insurers and reinsurers, they said.