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Volume 27, Issue 3

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January 8, 2014

Jan. 1 Reinsurance Renewal Rates Drop

New capacity, rate reductions and competition are a few factors contributing to a softer market and an 11% drop in reinsurance rate on line—a calculation of reinsurance premium divided by reinsurance limit—almost across the board, according to Guy Carpenter.

Much of this was driven by a decline of 15% in the United States, while property catastrophe pricing in Continental Europe and the United Kingdom fell by 10% and 15%, respectively, Guy Carpenter said.

Willis Re said in its “1st View” report that soft market conditions are not unique to the property catastrophe market. The report found that “with few exceptions rates are down on most lines at Jan. 1.”

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http://www.riskmanagementmonitor.com/jan-1-reinsurance-renewal-rates-drop