Considering the record catastrophe losses experienced in 2011, one logical consequence to expect is a hardening reinsurance market, with prices rising and capacity becoming squeezed.
But that's not what's happening.
Consider the numbers: A Guy Carpenter briefing from last month on reinsurance notes that despite 2011's losses, the reinsurance sector ended the year with a dedicated capital position that was slightly up, at around $178 billion.
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