After five consecutive years of falling rates, global property-catastrophe reinsurance experienced upward pricing pressure at 1 January 2018, with significant variance across regions. This result was driven in large part by higher loss experience as the sector suffered its most expensive catastrophe loss year on record in 2017 after hurricanes Harvey, Irma and Maria (HIM) delivered a devastating triple blow to coastal regions of the United States and the Caribbean. The spate of fierce wildfires in California towards the end of the year added to loss burdens and, when combined with other significant events, pushed insured catastrophe losses marginally above USD 140 billion for the first time ever in real terms. With the vast majority of large losses occurring in the United States, a substantial proportion were borne by collateralised vehicles and insurance-linked securities (ILS) markets.
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