Premium rises are now being recorded around the world as underwriters greet the upswing in the insurance cycle. Lloyd’s says the rises are most obvious in space insurance, retrocession and accident and health policies. The most recent renewal period saw reinsurance costs go up by 20% in the US, Bermuda, Europe and London markets. Rises have ranged from 15% to 40%.

And it apparently won’t stop there. Lloyd’s says reinsurers are trying to avoid the rollercoaster effect of rates by spreading increases over several years. That’s been an industry dream for a long time, but London market brokers suggest the consolidation of the reinsurance industry may make the dream a reality.