Fitch: Hard property reinsurance market to continue in 2023

U.S.-based Fitch Ratings Inc. said that the hard property reinsurance market will persist this year, with rising prices expected to compensate for claims inflation and volatility in financial markets, Artemis reported. The agency added that while reinsurance rates-on-line seem to have eased back slightly in the first quarter of this year after reaching their peak at the January 1 renewals, they are likely to remain in the hard market territory. Fitch expects to see some of the strongest year-on-year increases for regions such as Japan at the April 1 renewals.