Aspen Insurance is expecting to see rate increases of up to 20% in both its insurance and reinsurance lines next year.

In a recent presentation to investors, the insurer said that it projects rate increases following the high levels of hurricane-related losses in the third quarter of this year. Aspen reported losses of US$310 million – net of reinsurance and reinstatement premiums – due to the impacts of Hurricanes Harvey, Irma, and Maria.

The company revealed tables to investors detailing the expected rate changes for specific lines of business:
 

Insurance line of business	Rate change
Global energy and construction	10%-20%
Global marine	7.5%-15%
US property and programs	5%-15%

 

Reinsurance lines of business	Rate change
US property catastrophe	5%-20% (more projected if loss affected)
International property catastrophe	2.5%-10%
US risk excess and pro rata	2.5%-10%
International risk excess and pro rata	2.5%-7.5%
Marine	5%-15%

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