Reinsurers note rate decline slowdown
Friday, 05 20 2016, Category: Insurance and Reinsurance, Country: World
Absent a major loss event, global reinsurance firms expect continued pressure on rates at mid-year renewals, although property line reductions were noted to slow at April 1st. But despite interest rates remaining low and competition high, firms underlined the potential for profitability in 2016.
The majority of global insurers and reinsurers have now reported their Q1 2016 results and, as expected, there was mention of continued pressure on rates across the majority of reinsurance business lines, as competition remains high and large losses benign.
Global reinsurance firm Munich Re noted continued pressure on pricing and terms and conditions at April renewals, but did highlight that the renewal season confirmed slowing in price declines.