Reinsurance pricing and terms continue to soften in manysectors, but other sectors are going through the worst experiencein some time as terms and conditions tighten substantially,according to a recent report on the market.
In its review of the reinsurance marketplace after the July 1reinsurance renewals, Willis Group Holdings' Willis Re divisionsaid it can now assert that what it calls the “Tale of Two Markets”has become even more pronounced.
While there is extensive softening in other areas such asmarine, energy and catastrophe-exposed American and Caribbeanproperty, cedents are experiencing the worst of times, with asubstantial tightening of terms and conditions. Capacity in thesedifficult sectors remains inadequate, compounded by the shortage ofretrocessional reinsurance, thus heralding the first truly hardmarket in over a decade.
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