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.
The self-proclaimed largest truck stop in the world offers drivers just about everything they might need...
One person has died and 36 others were injured Friday afternoon when a vessel exploded at...
Government officials in Orange county, California, have warned that an overheated chemical tank “will fail” and...
Three people died and 18 first responders were sickened by exposure to fentanyl in a rural...
