NU Online News Service, Sept. 6, 3:13 p.m. EDT
Recent catastrophe losses have provided momentum for reinsurance rates to harden, and demand for reinsurance is expected to pick up, leading Moody's Investors Service to revise the sector's outlook to “stable” from “negative.”
“Following the worst quarter for natural catastrophes since [the 2005 third quarter]…not only have significant price increases been reported for some loss-affected regions/lines, but short-tail, non-loss-affected areas have seen pricing stability,” Moody's says, adding that general consensus after June and July renewals points to U.S.-catastrophe price firming of 5 percent to 10 percent.
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