Property rates to fall 6% at 1/1 as large losses recede
Property rates outside Latin America are likely to fall by around 6 percent at 1 January, according to Aon Benfield's quarterly facultative market report.
The reinsurance broker attributes the softening to "an oversupply of fac capacity in the sector".
Elliot Richardson, CEO of Aon Benfield Fac, said: "The facultative reinsurance sector, like the treaty reinsurance sector, has excess capacity, which has resulted in a continued decline in rates during 2010.
"This scenario means that, absent a series of major losses...
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