Downward Pricing Pressure on Reinsurers and Marine Classes Abates
At January 1 renewals, marine endures its worst year in recent history, reports Willis Re.
January 2, 2013
Most reinsurers remain within their annual catastrophe budgets and don’t face any material capital impact as a result of Superstorm Sandy, according to “Reinsurers Clear the Sandy Hurdle,” the January 2013 renewals report from Willis Re. As a result, rates on property classes have stabilized and there will be no blanket rate increases at January 1, 2013, the company said.
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