Kiln sees 12.5% rate rise, edges Katrina loss upwards
Following hurricanes Katrina and Rita, Lloyd’s (re)insurer Kiln says it is seeing good rate rises in many of its core classes of business, most notably in its property catastrophe reinsurance, property and marine portfolios and now expects average rate increases of 12.5 per cent for 2006 compared with a previous expectation of average rate decreases of some 7.5 per cent across the portfolio.
Kiln now believes that the combined pre-tax cost of Hurricanes Katrina and Rita will be £42.5m-£52.5m ($79m-$97m) of which Hurricane Rita is expected to account for £7.5-£12.5m ($14m-$23m). On 8Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
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