The reinsurance market’s desire and ability to underwrite risks remains healthy, according to global reinsurance broker JLT Re. In fact, the firm has described the market as “broadly defiant […] of post-loss firming” in the January renewal season, despite some market deterioration and sizeable losses in certain casualty lines and the property-catastrophe market.
Loss experiences for reinsurers in 2018 were particularly acute in the property-catastrophe market. Multiple disasters, including hurricanes Florence and Michael, typhoons Jebi, Mangkhut and Trami, flooding in Western Japan and the Californian wildfires, are believed to have cost reinsurers over US$80 billion. According to JLT, last year registers as the fourth most costly catastrophe year ever in real terms and it followed record insured catastrophe losses of US$150 billion in 2017.
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