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Japan nat cat reinsurance rates increase up to 25% at April renewals

Posted On: Apr. 7, 2023 9:19 AM CST

Reinsurance

A report by Gallagher Re said that Japanese insurers saw property catastrophe reinsurance rate increases of between 15% to 25% at the April 1 renewals, Reinsurance News reported. The renewal process was more orderly for Japanese buyers, unlike January renewals, as both primary insurers and reinsurers’ expectations were better aligned. This was mainly due to the long-term nature of reinsurer relationships in Japan as well as considerable improvements in primary underwriting.