Brokers report ‘disciplined’ softening at 1/1, but no market turn
Reinsurers gave in to a controlled softening of prices at the 1 January renewal season, with prospects for an upturn unlikely in 2010, according to reports from leading reinsurance brokers Aon Benfield, Guy Carpenter and Willis Re.
For example, Aon Benfield said that with property catastrophe risks the "remarkable recovery" of both insurer and reinsurer capital in 2009 meant the January 2010 renewal market saw rate decreases in all peak zones.
Guy Carpenter echoed Aon, noting that its world catastrophe...
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