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January 16, 2023

Natural catastrophes drive up reinsurance premium rates

Reinsurers are being forced to increase premium rates, invest in modelling and re-evaluate where they conduct their business as a consequence of the increasing frequency of severe weather events.

A rise in natural catastrophes over the past five years has increased losses for insurers and reinsurers, according to a new report from Moody’s, while data from Swiss Re showed that insured catastrophe losses averaged around $100bn during that period, reaching $110bn in 2021. 

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