Reinsurance rate pressure may be greater in 2016
Friday, 12 18 2015, Category: Insurance and Reinsurance, Country: World
Insurance and reinsurance players in the London market are facing further “significant” price declines in 2016 and 1 in 4 may have to rely on their investment returns to make a profit, as recent market conditions look set to erode profitability, according to PwC.
It’s the latest negative outlook for the insurance and reinsurance sector in 2016, with the general expectation in all quarters now set that further challenges are ahead and conditions, while perhaps slightly less severe, are unlikely to be easier.
“Underwriting confidence within the London insurance market continues to decline at an alarming rate,” global consultancy and accounting specialists PwC found following its review of 2016 underwriting expectations, which comprised analysis and discussion with over 30 London market participants.