NU Online News Service, July 1, 3:15 p.m. EDT
Property-catastrophe reinsurance rates in the United States have significantly decreased despite catastrophe losses from the Chile earthquake and storms in Australia during the first half of 2010, according to three reports on July 1 reinsurance renewals.
Global reinsurance brokers Guy Carpenter & Company LLC, Willis Re and Aon Benfield issued the reports.
Guy Carpenter's report, "Reinsurance Renewal July 1, 2010: Capital Cushion Continues to Impact Pricing," found that property rates have decreased by 10 to 15 percent, while Willis Re said rate reductions were as high as 25 percent in Florida. Aon Benfield said property catastrophe rates have declined by 10 to 20 percent.
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