According to Moody’s most recent Reinsurance Buyer Survey, an increasing number of insurers expect to purchase less coverage for 2024 due to higher costs, which will in turn force them to retain even more risk, making their results more volatile.
Despite respondents’ expectation that loss costs will increase, only 22% plan to buy additional property reinsurance cover, and just 6% intend to purchase more casualty protection.
Meanwhile, Moody’s survey revealed there has also been an increase in the number of insurers considering reducing their protection, particularly in casualty and US/Caribbean property lines.
