Rates are expected to again rise at the January and April renewal seasons, according to AM Best.

The ratings agency says reinsurers are asking for higher prices to cover the growing frequency of large-scale natural disasters.

Typhoons Hagibis and Faxai as well as Hurricane Dorian have provided “positive momentum” to the pricing environment even as the industry braces for a hit to earnings from the events.

“AM Best anticipates a continuation in rate increases for the [January 1 and April 1] renewal seasons, with Japan-exposed reinsurers demanding higher returns for underwriting these exposures,” the agency says.

“Additionally, most market participants may demand higher rates to mitigate the potential increased losses in acknowledgment of a higher frequency of these larger-scale events.”