Despite many factors that should be contributing to a hardening market overall, competition in some coverage lines and geographic regions has heated up, while activity in many other areas remains tepid, keeping price hikes more modest than anticipated, reinsurance experts say.
Chris Klein, global head of business intelligence with Guy Carpenter in London, said in January buyers overall saw moderate increases, which he said means expectations of higher prices last fall were not met. The important theme now is that while prices at renewal were up about 15 percent on average, that amount was below the anticipated hardening of about 20 percent.
He added that April 1 renewals, significant in Asia, produced mixed signals as well, with the market generally flat.
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