Reinsurers continued to see soft market price declines through June and July renewals, but underwriters are not pricing for the next catastrophic event despite warning signs, an executive for Willis Re warned.
In its July 1 renewal report, Peter Hearn, chief executive officer of Willis Re, a subsidiary of Willis Group Holdings, noted that despite losses in the investment market and several catastrophic events throughout the world during the first half of 2008, reinsurers are inadequately pricing risk.
"Current pricing trends seem to indicate that the market is giving little weight to the potential for extreme events," wrote Mr. Hearn.
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