Life has not been easy for reinsurers in the past few years. Claims for natural catastrophes and pandemic-related losses have wiped out a large part of their profits.
But the latest set of global problems — war in Ukraine, galloping inflation and the ever-increasing risks of climate change — have jolted them into action. In some areas, they are putting up the price of coverage, in others they are retreating altogether.
“What looked like . . . a gradual change is increasingly looking like a knee-jerk change,” said Stephen Catlin, an industry veteran and chief executive of insurer Convex.
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