Reinsurance prices on average worldwide are down approximately 9 percent, driven by excess supply and fueled by strong profits and low losses, a brokerage firm said today.
The findings by Guy Carpenter & Company were contained in its report "2008 Reinsurance Market Review: Near Misses Call for Caution" and were based on Jan. 1 renewals of reinsurance contracts.
Insurers, the brokerage said, took advantage of a buyer's market and many 2008 renewals closed late as cedents held out for lower rates in the continuing soft market. Reinsurers were rewarded not only with lower rates but often smaller lines.
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