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US cat renewals are outpacing European increases, but as signalled earlier this month, the level of rate hikes has fallen back.
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The coronavirus pandemic prompted huge change in a sector already dealing with systemic challenges. -
The majority of the $3.1bn reinsurance tower switched to a two-year deal last year.
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The Boeing loss deterioration to $2bn had prompted a burst of rate acceleration to 30% rises in November, although this was described as “short-lived”.
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Occurrence retro rates are among the segments where rate pressure is abating, although the outlook remains somewhat opaque in a late renewal.
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Rates for listed companies continue to rise between 200%-400% amid hard market conditions.
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But getting loss ratios under control will require more than just pushing prices higher.
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The reinsurer was placed under review in March amid turmoil in its management.
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Cedants and reinsurers perform a "slow dance" around pandemic losses, with claims negotiations deferred beyond renewal.
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Reinsurance is significantly up for aviation insurers due to Boeing loss deterioration.
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A range of sources in the reinsurance market said cedants needed a stark reassessment of primary rates.
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Disagreement over cyber wordings in named-perils cover joins the list of issues creating friction ahead of 1.1.
