The low severity of property-catastrophe hurricane losses since 2006 will result in more favorable pricing for traditional property-catastrophe reinsurance midyear renewals, according to Aon Re Global.

And the firm's parent, Aon brokerage, said with another active hurricane season predicted for this year, risk managers should remember that it will take only one hurricane event to cause a significant loss.

“While predictions of hurricane activity are important, insurance and reinsurance buyers must remember that any storm can cause massive destruction, whether that storm occurs in a season of above-normal activity or below-normal activity,” said Steven Drews, lead meteorologist and associate vice president of Impact Forecasting LLC, a unit of Aon Re Global, a subsidiary of Chicago-based Aon, in a statement.

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