Reinsurance trends continue, but deterioration slowing
Wednesday, 05 13 2015, Category: Insurance and Reinsurance, Country: World
The trends seen in the global reinsurance market over the last few years continue, with softening rates and high levels of competition still seen, but the pace of deterioration seems to be slowing, at least for the moment, explained W.R. Berkley’s COO.
Speaking during the insurance and reinsurance group’s first-quarter analysts call, President and COO W. Robert Berkley Jr explained that conditions are not getting worse at the same rate as in previous quarters. A statement backed up by analysts at KBW who, as we wrote earlier today, said that while reinsurance rates may be down as much as 10% at the upcoming mid-year renewal, there is evidence of stabilisation.
This reflects the decelerating softening of rates and pricing across many reinsurance lines, as rates approach levels where the technical underwriting returns required force companies to push-back on pressure to keep slashing pricing.