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Falling Reinsurance Rates Help To Keep Market Soft

Property-catastrophe reinsurance rates in the United States have significantly decreased despite disaster losses from the Chile earthquake and storms in Australia.

By Katharine Rose | Updated on July 18, 2010

Property-catastrophe reinsurance rates in the United States have significantly decreased despite disaster losses from the Chile earthquake and storms in Australia during the first half of 2010, according to reports from a trio of top brokers on July 1 renewals.

Guy Carpenter’s report–”Reinsurance Renewal July 1, 2010: Capital Cushion Continues to Impact Pricing” –found that property rates have decreased by 10-to-15 percent. Willis Re said rate reductions were as high as 25 percent in Florida, while Aon Benfield reported property-catastrophe price declines of 10-to-20 percent.Guy Carpenter’s report (http://bit.ly/bDDk8C)–examining reinsurance conditions across the property, marine and energy, workers’ compensation, international casualty and other markets–found that overall, reinsurance rates have continued to decline.

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