S&P: stable outlook for the global reinsurance market

Standard & Poor's (S&P) has upgraded its outlook for the global reinsurance market from negative to stable.

The rating agency based its decision on the higher reinsurance rates for the 2023 renewals and the increase in companies' investment income.

The covid-19 pandemic, the Russian-Ukrainian war, inflation and the high frequency of natural catastrophes are among the factors that have prompted reinsurers to raise their prices.

S&P expects reinsurance rates to rise again in 2024. This surge would be driven by the heavy losses associated with natural catastrophes.