Despite the record catastrophe losses the industry experienced in 2005, with some exceptions it will not create a hard priced market, reinsurance broker Guy Carpenter & Company said in a report.
The company, a subsidiary of Marsh & McLennan Companies, issued its “U.S. Reinsurance Renewals at Jan. 1, 2006″ study reviewing pricing, retentions and limits, capacity, and terms and conditions covering the property, casualty, marine, offshore energy and other lines of business.
The firm found that, overall, the record storm activity of 2005 resulted in major price increases in property and marine lines, while casualty and accident and health lines were mostly spared.
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