BOSTON--While there are differences between the current soft market and previous periods of rate declines, some destructive insurer behavior never seems to change, a group of reinsurance actuaries suggested here.
Listing market pressures for reinsurers that distinguish the current soft market, Elizabeth Mitchell, president, Platinum Underwriters Reinsurance in New York, noted that ceding companies are increasing retentions and that the reinsurance market, while soft, seems harder than the primary market.
That's "not typical of previous soft markets," she said, referring to a more typical earlier slide in the discipline of reinsurers.
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