S&P: Reinsurers up cat budgets by 20% but carriers split on de-risking strategies

The aggregate catastrophe budget for the top 21 global reinsurers rose by 20 percent to $15.5bn in 2022 providing further buffer against “exceptional” shock events, according to S&P Global Ratings, but reinsurers remain “of two minds” about whether to grow natural catastrophe exposures this year despite rising rates.