Aon Benfield says market turning event ‘yet to occur’
Record first quarter catastrophe losses and changes to the RMS US hurricane model were insufficient to turn the softening reinsurance market, according to Aon Benfield.
Pricing for US property catastrophe reinsurance contracts renewing on 1 April decreased by 5 to 10 percent, said the broker in its latest reinsurance market outlook report.
The cover included programmes with hurricane risks, and Aon Benfield said it expected rates to continue to face downwards pressure at the renewals in June and July. For...
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