Reinsurers insure insurance companies, and have been raising rates in recent years because of steepening losses, which industry players put down in part to the impact of climate change. Higher reinsurance rates can affect the premiums which insurers charge to their customers.
U.S. reinsurance rates for policies which previously faced claims for natural catastrophes rose 30-50%, Gallagher Re said.
Reinsurance rates for similar policies in Florida rose 30-40%, the broker added.
Some insurance firms have pulled out because of the risk of heavy losses. State Farm said in May it would stop selling new insurance policies to homeowners in California.



Construction on the nation’s largest infrastructure project can resume after a court ordered the Trump administration...
Eight backcountry skiers have been found dead and one remains missing after an avalanche near Lake...
Six backcountry skiers were stranded and 10 others were missing on Tuesday, Feb. 17, after an...





























