Search
 

Reinsurance Market Remains Stable Despite Record Catastrophe Losses

Coastal exposures face hefty hikes, but most renewals flat or only slightly

By Steven Tuckey | Updated on January 22, 2006

With the odd combination of record catastrophe losses and a twice-in-a generation underwriting profit for primary carriers in 2005, the Jan. 1 reinsurance renewal season loomed large on the horizon with the potential for some surprises. But pretty much as expected, carriers with big Gulf Coast exposures found themselves facing some hefty premium hikes for disaster exposures, while other lines and regions were essentially flat or experienced only a moderate rise in pricing.

In contrast to 2001, when the World Trade Center terrorist attacks sent a shock wave through an already weakened industry, insurers had a few good years under their belts in 2005 that softened the triple blow of Hurricanes Katrina, Rita and Wilma, analysts noted.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.