U.S. property-casualty reinsurance rates in the recent Jan. 1 renewal season held firm and closed in on the peak figures achieved last July, according to a recent report from Swiss Re.
In a presentation published on its Web site, the company said that a capacity crunch for U.S. catastrophe reinsurance in June and July of last year resulted in reinsurance premium increases of roughly 40 percent to several hundred percent in some cases.
Bank of America Securities property casualty analyst Tamara Kravec said that she views this as a positive announcement for the companies that write a significant amount of property business.
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