Search
 

Challenging Year for Specialty Markets

Reinsurance catastrophe renewal pricing for Florida-influenced programs increased approximately 15 percent over 2008. In markets not linked to property, however, the pricing news is mixed.

By Tim Hoelle | Updated on July 31, 2009

In June, reinsurance intermediaries Guy Carpenter and Aon Benfield both reported that reinsurance catastrophe renewal pricing for Florida-influenced programs increased approximately 15 percent over 2008. The year-on-year increase took into account a number of factors. Of importance to Florida insurance professionals is that included in that list was the ongoing concerns about the adequacy of the Florida Hurricane Catastrophe Fund with respect to its ability to make full or timely payments when needed.

In markets not linked to property, the pricing news is mixed. For most commercial specialty classes of business, rates are not increasing and in some cases may still be falling. Whether this is viewed as good news or bad news depends on whether you are buying or selling, prospecting or renewing, paying claims or producing.

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.