Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Cat Re 2002: A Different Hard Market?

One of the few statements that can be made with certainty about the world catastrophe reinsurance market is that it is a hard marketdefinitively so. The firming of 2001, which was driven largely by industry concerns over profitability levels and shareholder perceptions, has been replaced by a severely hardened market, fueled by dire balance sheet worries.

The effects of the Sept. 11, 2001, terrorism losses, coupled with the reemergence of asbestos, corporate scandals in the United States, and ailing global equities markets, have left reinsurers wringing their hands over capital adequacy, policyholder surplus, and rating agency assessments. A continuing lack of retrocessional capacity has compounded these concerns.

In 2002, rates for catastrophe property reinsurance cover increased in all regions of the world, and for practically all cedents. This is the third consecutive year of rising rates, after six years of soft pricing.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.


  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?



Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.