“Flat but functional” property cat market
Saturday, 09 15 2018, Category: Insurance and Reinsurance, Country: World
A “flat but functional” pricing environment for property catastrophe is likely to become the “new norm” for reinsurers following a fairly subdued year for renewals despite high catastrophe losses in 2017, according to James Kent, Global Chief Executive Officer (CEO) of Willis Re.
“That is having a transformative effect on property cat pricing,” Kent explained.
However, he added that, for what is considered to be a soft market, Willis Re continues to view conditions as very functional for reinsurers and brokers.