Major industry players gathered here from around the world to talk deals in the midst of a dynamic reinsurance market whose outlook is generally stable–although that could change in a hurry with the downward pressure on prices, rating agencies here warned.
Peter Grant, a director with Standard & Poor's in London, said that with a combined ratio of 90 and persistent discussion of falling premiums–often in the range of 5-to-10 percent–”you add three-to-six percentage points for claims inflation and see how easy it is for the industry to go from a banner year to a disappointing performance.”
Miles Trotter, assistant general manager of analytics with A.M. Best Europe, reported that while rates for U.S. catastrophe business remain firm, they are going up elsewhere. He said combined ratios for 2007 will be better without a major event.
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