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MONTE CARLO–Rating agencies here said the reinsurance industry outlook is generally stable despite downward pressure on pricing.

Peter Grant, director, with Standard & Poor’s in London, said that with a combined ratio of 90 percent and persistent discussion of downward pressure on pricing, often in the range of 5 to 10 percent, “you add 3 to 6 percentage points for claims inflation and you can see how easy it is for the industry to go from a banner year to a disappointing performance.”

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