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Property catastrophe reinsurance rates plummeted in 2013 and 2014, before easing up through 2015, 2016 and on into the early months of this year
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JLT Re said the Florida reinsurance renewal produced a more varied outcome than usual as it estimated rates fell by 5.1 percent at 1 June.
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Reinsurers were given some reprieve at the 1 April renewals, as property catastrophe reinsurance rate declines continued to moderate and cedants increased their overall purchasing, according to Willis Re.
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Earnings commentary and the latest pricing survey from The Council of Agents & Brokers (CIAB) have provided evidence of some stabilisation in softening of US P&C insurance rates.
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After sustained rate decreases last year, Wells Fargo has predicted that 2017 will again be a buyers' market in the US.
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Insurance buyers should look to multi-year property cat deals to take advantage of the ongoing soft market, according to broker Marsh.
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The aviation insurance market is starting to firm, according to JLT, with rates hardening, line sizes reducing and underwriters taking a more disciplined view of risk.
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Global broker JLT Re noted that reinsurance rating pressure continued to abate in the 1 January renewals, as it warned that the sector could be approaching the point of failing to meet its cost of capital.
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Reinsurers' struggle for better prices continued through the 1 January 2017 renewals, as P&C analysts expected rates to improve year-on-year but still remain in negative territory.
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Property catastrophe reinsurance rates appear to be on course for further stabilisation at the 1 January renewals, equity analysts reported following meetings with executives at Bermudian carriers.
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There is evidence that the stabilisation of rates seen in parts of the reinsurance market may be starting to arrive in the primary insurance space, albeit with a significant lag.
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US commercial P&C bellwethers Travelers and Chubb opened the third quarter results season by revealing a continuation of the competitive domestic pricing environment.
