As the $600bn reinsurance industry’s top brass prepare to gather for their annual shindig in Monte Carlo this weekend, they have one eye on the path of Hurricane Dorian up the eastern coast of the US. The lack of large insurance losses this year has been a boon for the industry, but payouts could rise sharply if the biggest storm of this year’s hurricane season makes landfall in the US. The prices that the likes of Swiss Re, Munich Re and Warren Buffett’s Berkshire Hathaway can charge their customers had been falling for years as the era of low interest rates drove money — and hence fresh capacity — into the industry.
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