Reinsurers hike rates on key business lines as much as 200%

Some insurers have backed off providing cover for Russia, Ukraine, and Belarus.

Global insurers face a testing 2023 as reinsurers hike rates on key business lines by as much as 200% from this month and pull back from underwriting risk in Russia, Ukraine, and Belarus, reinsurance brokers' reports show.

Reinsurers insure insurers, and January 1 is the most important date for reinsurers to renew and adjust pricing of 12-month policies in light of major economic or geopolitical changes, such as the war in Ukraine which broke out in February.