PHOTOCREO Michal Bednarek
Although there are hints towards pricing stabilisation in the global reinsurance market, continuing declines driven by increased competition and a lack of significant natural catastrophe losses signal a challenging 2017. Intelligent Insurer investigates.
Some of the largest re/insurance brokers are starting to see evidence of rates beginning to stabilise in the property-catastrophe market, despite nearing the historic lows of the late 1990s.
When reinsurance programmes were renewed on January 1 a number of the bigger brokers, which see enough such transactions to know, have suggested that the rate of softening has slowed – but this varies by market and depending on who you ask.
The likes of Willis Re, Guy Carpenter and JLT Re, for example, all agreed they have started to see a moderation in the declining rates reported in this renewals season, although vary in their interpretations of whether this will lead to stabilisation.
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January renewals, Aon Benfield, Guy Carpenter, JLT Re, Willis Re, North America, Europe, ILS, Property, Catastrophe