Retro market prices continue to soften
Wednesday, 07 13 2016, Category: Insurance and Reinsurance, Country: World
Non-marine retrocession rate movements at mid-year renewals maintained the softening trend witnessed during the April 1st renewal season, and with the majority of reinsurers having fully deployed their capital the sector has encountered a capacity shortage, says Willis Re.
Non-marine retrocession rates fell by -10% for both loss free accounts and catastrophe loss free accounts at the recent June/July renewal season, while loss hit accounts witnessed rate increases of +15%, according to Willis Re.
The reinsurance broker notes, in its Willis Re 1st View July 2016 publication, that year-on-year, price reductions in the global non-marine retrocession market were in line with reductions seen at the January and April renewals.