The record catastrophe losses of 2005 did not produce the overall hard market at renewal season predicted by some analysts, a number of leading brokers said.
According to statements they have issued, while major price hikes were achieved for property catastrophe covers, particularly for those carriers with big Gulf exposures, pricing in other lines has remained flat.
Sean Mooney, chief economist for Guy Carpenter Inc., New York, said last year's catastrophes were an earnings, and not a capital event.
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