2010 Disaster Events Unlikely to Turn Challenging Soft Market

NU Online News Service

The soft market continues to challenge reinsurers, and although 2010 has seen disasters, the events will not be enough to harden pricing, according to a panel of senior reinsurance executives.

At the Casualty Actuarial Society (CAS) Seminar on Reinsurance held recently in New York, CAS said in a statement, George Venuto, executive vice president, Willis Reinsurance, told attendees that trying to please primary casualty insurers is very difficult to do right now, as the market continues to see downward pressure. He added that it is not “the best pricing environment on the insurance and reinsurance side.”