Reinsurers continue disciplined response to market
Wednesday, 11 23 2016, Category: Insurance and Reinsurance, Country: World
Global insurers and reinsurers continue to walk way from business that is priced too low, as discipline remains paramount in the softening market cycle, and competition in the property catastrophe space and elsewhere persists.
Insurers and reinsurers continue to report their third-quarter 2016 results, and a number of companies have noted the ongoing challenges in the softening market cycle, which is causing re/insurers to adjust their business mix and pullback in certain areas.
Global reinsurer Swiss Re reported net income of $1.2 billion for the third-quarter, but noted a need to reduce peak natural catastrophe exposure as certain portions of the book failed to meet economic profitability requirements. As a result of this reduction the firm’s loss ratio increased in the quarter.