AFTER THE DISASTERS IN MOROCCO AND LIBYA, REINSURANCE WILL WITNESS AN UNPRECEDENTED “HARD ” MARKET IN 2024

Global Reinsurance Renewals In January, April and July 2023, the features of the 2024 renewals were determined, which clearly demonstrates the continued difficult market and changing reinsurance business models for the years 2024 and beyond. What 2023 recorded for the Property Reinsurance market, challenges, opportunities and vision, means that it is a good event. For

reinsurers.

Large-scale natural disasters can stress the reinsurance market and potentially impact the overall financial health of the insurance industry, as they are massive, unpredictable forces of nature that wreak havoc on societies, economies and infrastructure.

The insurance industry plays a pivotal role in helping individuals, companies, and governments recover from the financial burden of natural disasters. However, the increasing frequency and severity of events has presented major challenges to the insurance and reinsurance sector, reshaping the landscape of risk assessment, pricing, and coverage, especially after the Moroccan and Libya disasters.

The immediate effects of both disasters are deaths, injuries, fractures, shocks, wounds and mental health trauma, however the long-term impact is likely to be worse,

Those suffering from non-communicable diseases, children and pregnant women are denied access to healthcare and medicines, with supply chains disrupted, adding to an already strained healthcare system.

Hurricanes, earthquakes, floods and forest fires can lead to widespread damage and losses, while the period immediately following natural disasters is characterized by humanitarian efforts and the restoration of normal life.

The unprecedented floods in Libya came in the wake of a powerful 6.8-magnitude earthquake that struck Morocco, killing nearly 3,000 people and injuring 5,500 others, south of Marrakesh in the Atlas Mountains, with hundreds of thousands displaced, making this the worst earthquake in North Africa in half. the last century.

Reinsurance is an international industry through which one can participate in covering risks, whether within or outside regional borders. Without it, the insurance industry would not be able to confront and bear risks for the benefit of people, property, and the economy in general.