June renewals show reinsurance price decline moderating
Saturday, 06 06 2015, Category: Insurance and Reinsurance, Country: World
At the 1st June 2015 reinsurance renewals, when key U.S. and Florida property catastrophe accounts renewed, the market saw the rate of price declines moderating to average in the high single digits, according to reinsurance broker Guy Carpenter.
Guy Carpenter is responsible for broking a significant amount of catastrophe reinsurance business at the key June renewal and this report from the company is further evidence that while pricing has continued to decline, it is at a more moderate pace.
This had been the expectation, as reports from the market in the run up to the renewal suggested that some accounts had to be repriced, as reinsurers and ILS markets refused to support further steep double-digit price declines.