Reported 4 days ago
In 2024, global insurance premiums experienced a 0.9% decrease, marking the first decline since 2017, according to an insurance broker report. This drop follows years of rising rates driven by losses from wars, natural disasters, and inflation, which prompted market competition and new entrants, ultimately lowering prices. Alongside, property catastrophe reinsurance rates saw significant reductions starting January 1st, though the year may still prove challenging for insurers due to ongoing natural catastrophe losses.
Source: YAHOO