Along with a general decrease in rates in all lines, the U.S. reinsurance market is entering a soft market period, according to an economist with Guy Carpenter reinsurance brokerage.
Sean Mooney, Guy Carpenter's chief economist, noted in a statement that renewal business on Jan. 1 for U.S. catastrophe risks was below July 1, 2006 rates.
“Now that the U.S. reinsurance market has entered the soft phase of the cycle, we can, assuming no mega-catastrophes, expect soft market conditions to persist for a number of years,” said Mr. Mooney.
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