{"id":40219,"date":"2019-09-03T12:20:24","date_gmt":"2019-09-03T11:20:24","guid":{"rendered":"https:\/\/www.climatechangenews.com\/?p=40219"},"modified":"2019-09-03T12:20:24","modified_gmt":"2019-09-03T11:20:24","slug":"natural-disaster-spike-drive-2020-insurance-rate-rise","status":"publish","type":"post","link":"https:\/\/www.climatechangenews.com\/2019\/09\/03\/natural-disaster-spike-drive-2020-insurance-rate-rise\/","title":{"rendered":"Natural disaster spike to drive 2020 insurance rate rise"},"content":{"rendered":"

Two years of higher-than-expected losses from natural catastrophes are likely to prompt average reinsurance rate renewal rises of up to 5% in January, ratings agencies said.<\/strong><\/p>\n

After several years of falling rates due to competition and fewer natural disasters, steep losses from hurricanes, typhoons and wildfires in 2017 and 2018 are driving a reversal.<\/p>\n

And as Hurricane Dorian ravages the Bahamas and bears down on the US, both Fitch and Standard & Poor’s said some rates could jump much higher.<\/p>\n

Seven stories<\/strong> that will help you understand the destruction of the Amazon<\/a><\/p><\/blockquote>\n

S&P said rates would likely rise around 5%, while Fitch predicted 1-2% in briefings ahead of the reinsurance industry’s annual conference in Monte Carlo which begins on Saturday.<\/p>\n

Reinsurers such as Swiss Re, Munich Re and the Lloyd\u2019s of London market help insurers share the risks of disasters in return for part of the premium.<\/p>\n

“It’s not a hard market but it’s a hardening market, there’s more positive momentum,” Ali Karakuyu, lead analyst at S&P Global, told a media briefing.<\/p>\n

Climate Home News needs your help\u2026<\/strong>\u00a0We\u2019re an independent news outlet dedicated to the most important global stories. If you can spare even a few dollars each month, it would make a huge difference to us.\u00a0Our Patreon account<\/a> is a safe and easy way to support our work.<\/p><\/blockquote>\n

Fellow analyst David Masters said the industry was likely to see “mid-single digit price increases” as a result.<\/p>\n

Insurers are increasingly concerned about the impact of bad weather linked to climate change, with an increase in wildfires in California among the most costly in recent years, something S&P said could see rates there jump 30-70%.<\/p>\n

“This market remains in disarray, which will fuel further rate increases,” a slide from the S&P presentation said.<\/p>\n

Fitch Senior Director Graham Coutts said he expected average rates to rise 1-2%, similar to the increases seen in January 2019, although further rises could be seen depending on the scale of losses from Dorian and other hurricanes.<\/p>\n","protected":false},"excerpt":{"rendered":"Losses from hurricanes, typhoons and wildfires in 2017 and 2018 are likely to cause reinsurance rates to rise by up to 5% agencies warn","protected":false},"author":17,"featured_media":40220,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[3863],"tags":[],"coauthors":[4320],"class_list":["post-40219","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","type-news"],"acf":[],"yoast_head":"\nNatural disaster spike to drive 2020 insurance rate rise<\/title>\n<meta name=\"description\" content=\"Losses from hurricanes, typhoons and wildfires in 2017 and 2018 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