Reinsurance rates are in decline and the market may be in a position to sustain a loss of up to $25 billion before the situation changes, according to a reinsurance broker's report.
Earlier this week, Aon Re Global, the reinsurance brokerage arm of Chicago-based insurance broker Aon Corp., released its sixth annual Reinsurance Market Update at the Rendez-Vous de Septembre in Monte Carlo going on this week.
The report said that reinsurance price increases peaked in July 2006 after the 2005 Atlantic Hurricane season losses. The decline comes as the cost of equity markets and debt capital increase for primary insurers.
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