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Property-cat rates keep on climbing
01 July 2009
US reinsurance pricing at the July 1 renewals continued the trend set at the June 1 renewals, increasing by 10% to 15%, reinsurance brokers Aon Benfield, Willis Re and Guy Carpenter reported.
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[property-catastrophe]
[rates]
[renewals]
US reinsurance pricing at the July 1 renewals continued the trend set at the June 1 renewals, increasing by 10% to 15%, reinsurance brokers Aon Benfield, Willis Re and Guy Carpenter reported.
Guy Carpenter said US property-catastrophe reinsurance rates were up 15% at the July 1 renewals – a slight rise from April when increases were up 14% and continues a trend seen since January of slowly rising prices.
Signs that the global financial markets are stabilising were given as one of the main reasons behind the steadying of the rate of increases in the market.
Sean Mooney, chief economist at reinsurance broker Guy Carpenter, told Reactions: “Last year the capital of the reinsurance industry was depleted by the credit crisis so with less capital available you had a pressure to increase rates.
“There was less competition because there was less capital in the market. That was accentuated by the fact...
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