Partner Re will raise the tariffs by 60%. The main reason: Expected premium hikes around the world.
Swiss reinsurance companies Swiss Re and Partner Re will raise their earthquake and property insurance premiums for Israeli companies by 10-20% on January 1, 2002, senior representatives of the two companies said today. Swiss Re is the world’s biggest reinsurance company.
Swiss Re Israel Desk head Peter Howard said that the company would raise the earthquake premiums by 10-15%. As of next January, the company will also limit its exposure to Israeli companies in this type of insurance. This means that Swiss Re will offer reinsurance to Israeli companies only up to a certain ceiling, rather than the no-ceiling coverage it has provided so far.
Howard also said that property tax premiums would go up considerably next January, but did not cite a figure. He added that the liabilities insurance premium in Israel would not be raised.
Partner Re’s management said that earthquake and property insurance premiums for Israeli companies would rise 60% in January. The company will also raise the liabilities insurance premium by 20-30%. In the case of policyholders with a problematic record, the premium will go up by up to 200%. Partner Re is one of the world’s ten biggest reinsurance companies.
Published by Israel's Business Arena on 25 July, 2001