Reinsurance pricing and terms continue to soften in many sectors, but other sectors are going through the worst experience in 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 1 reinsurance renewals, Willis Group Holdings' Willis Re division said 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 as marine, energy and catastrophe-exposed American and Caribbean property, cedents are experiencing the worst of times, with a substantial tightening of terms and conditions. Capacity in these difficult sectors remains inadequate, compounded by the shortage of retrocessional reinsurance, thus heralding the first truly hard market in over a decade.
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