A quick survey by an analyst unit has found that most reinsurance brokers expect reinsurance rates for catastrophe exposed property coverage to increase with January 1 renewals.
Tamara K. Kravec with Bank of America Equity Research wrote that brokers told them premium rates will continue to rise “significantly” during the January renewal season despite a relatively loss-free 2006.
The rates will be hard in other lines as well, and terms and conditions aren't expected to loosen after tightening in response to the 2005 hurricanes, Bank of America said.
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