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.



In a penny-pinching move, the U.S. Mint has produced its last one-cent coin.The final penny was...
The Supreme Court on Nov. 10 decided not to revisit its landmark ruling that legalized same-sex...
Cleto Escobedo III, the bandleader for the "Jimmy Kimmel Live!" in-house band Cleto and the Cletones,...
The death toll in the explosion that saw a UPS cargo plane lose an engine and...





























