After a year of unprecedented natural catastrophe losses, the 2005-2006 reinsurance renewals season completed later than ever with some programs still not finished by their renewal date, according to Aon Re United Kingdom.
Aon Re UK said although this was one of the most difficult renewal seasons experienced, buyers were seeing high rate increases only for areas affected by U.S. wind exposure risks.
The reinsurance industry has proven to be remarkably resilient following 2005′s unprecedented series of losses, said Aon, with substantial new capital raised to meet increased demand.
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