Major losses fail to turn reinsurance market at mid-year renewals
The unprecedented level of first quarter catastrophe losses was not sufficient to drive a general reinsurance market turn, as the trend of price declines amid fierce competition continued at the 1 June and 1 July renewals, according to Willis Re.
In its latest market bulletin, the reinsurance arm of broker Willis said only a handful of loss-driven classes and territories showed any pricing stability or upwards pressure.
Chile-specific renewals saw rate increases of between 40 to 70 percent, driven entirely...
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