Aspen Insurance is expecting to see rate increases of up to 20% in both its insurance and reinsurance lines next year.
In a recent presentation to investors, the insurer said that it projects rate increases following the high levels of hurricane-related losses in the third quarter of this year. Aspen reported losses of $310 million – net of reinsurance and reinstatement premiums – due to the impacts of Hurricanes Harvey, Irma, and Maria.
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The company revealed tables to investors detailing the expected rate changes for specific lines of business:
| Insurance line of business |
Rate change |
| Global energy and construction |
10%-20% |
| Global marine |
7.5%-15% |
| US property and programs |
5%-15% |
| Reinsurance lines of business |
Rate change |
| US property catastrophe |
5%-20% (more projected if loss affected) |
| International property catastrophe |
2.5%-10% |
| US risk excess and pro rata |
2.5%-10% |
| International risk excess and pro rata |
2.5%-7.5% |
| Marine |
5%-15% |
Aspen’s US insurance business has offices across 15 locations, with teams in Atlanta, Barrington, Boston, Chicago, Dallas, Houston, Hunt Valley, Jersey City, New York, Los Angeles, Philadelphia, Puerto Rico, Rocky Hill, San Francisco and Miami.
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