The economic turmoil is having some positive impact on reinsurance industry prices with modest rate increases being seen and demand for products growing as the Jan. 1 renewal season came to a close, two prominent brokers said in recent reports.
Reinsurance broker Guy Carpenter said today that its World Rate on Line (ROL) index showed an 8 percent increase, calling the reinsurance rate increases “moderate on average” at Jan. 1 renewals.
The upward climb was in reaction to “the dual pressures of a financial catastrophe and the second most expensive property catastrophe year on record.” However, those increases were “tempered by large capital positions” at the start of last year, which allowed carriers to absorb losses, the report said.
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