September 3, 2019 / 9:02 AM / 15 days ago

Reinsurance prices seen up around 5% in 2020 - S&P Global

LONDON, Sept 3 (Reuters) - The cost to insurers of passing on a portion of the risk to reinsurance firms is likely to rise by around 5% in 2020, leading industry data tracker S&P Global said on Tuesday.

“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, pointing to the impact of severe losses from natural catastrophes in 2017 and 2018.

Fellow analyst David Masters said the industry was likely to see “mid-single digit price increases” as a result. (Reporting by Carolyn Cohn; editing by Simon Jessop)

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