Reinsurance rates and pricing are expected to increase again at the upcoming mid-year 2021 June and July renewals, likely increasing further into 2022 as well, but by next year these rises may be losing momentum, Fitch Ratings believes.
After three consecutive years of rate hardening at the January and April reinsurance renewals, Fitch says the mid-year 2021 renewal season will follow-suit.
One driver for this has been the lack of profits seen in reinsurance in 2020, as catastrophe and coronavirus losses together eroded performance across much of the industry.
