Hurricane Ian is seen as an additional catalyst for hardening reinsurance rates, by global giant Swiss Re, who warns that its impact “will extend beyond Florida and add to pre-existing drivers of rate increases such as claims inflation.”
Reinsurance capacity was already limited even before hurricane Ian’s onslaught of Florida back in September and a firming market was anticipated well-before it formed.
“Constraints on new sources of capital” is one issue, alongside broader macro-economic volatility, inflation, concerns over secondary perils and climate change, Swiss Re said.
