The global reinsurance sector performed poorly in 2021, mainly due to continued elevated catastrophe losses. The industry has had a particularly difficult start in 2021 with unusually high-than-average losses in the first quarter, mostly due to winter storm Uri, with industry losses estimated at around $15 billion.
Enduring uncertainty about COVID-19 losses, mainly in the life reinsurance area, along with a trend to favor banks over insurers and worries about the impact of inflation on the sector, led to the sub-sector inactivity over the past year.
Source: https://forinsurer.com/news/22/01/19/40795
Photos are from open sources.
