Global insurers are facing a challenging 2023 as reinsurers hike rates on key business lines by as much as 200% from Jan. 1. The reinsurers blame sharp losses from the war in Ukraine and from natural catastrophes such as Hurricane Ian in Florida. Additionally, climate change has added to problems. Global insured losses from catastrophes were anticipated to reach at least $15b in the first quarter alone, insurance broker Aon said in a report.
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State Farm stops new home insurance sales in California as wildfire risks grow
In California, nonrenewals of homeowners' insurance policies initiated by insurers in 2021 rose nearly 30% to 241,662 from a year earlier, data from the state's Department of Insurance showed.
