Contrary to the expectations of many primary carriers, reinsurers have not drastically raised property-catastrophe rates this year— despite unprecedented disaster-related losses worldwide, and near-record losses domestically, in 2011.
And rates for property-per-risk and casualty treaties are "still pretty flat," says David Flandro, head of global business intelligence at Guy Carpenter & Co., a major reinsurance intermediary.
At its Jan. 1 renewal, Philadelphia Insurance Cos. faced a low-single-digit-percentage rate hike for its catastrophe-property reinsurance, according to Cole Henry, senior vice president of corporate underwriting.
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