NU Online News Service, Jan. 2, 12:52 p.m. EST
High losses from 2011 are producing greater underwriting discipline among reinsurers when it comes to catastrophe-exposed renewals, according to a major insurance broker.
In a report titled, “Change is in the Wind,” Willis Re released Friday, the reinsurance broking division of Willis Group Holdings says with the majority of this year's “catastrophe losses arising from un-modeled or inadequately modeled perils or territories, reinsurers are being more forceful in their demand for greater transparency of data.”
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