NU Online News Service
Reinsurance rates have decreased by as much as 10 percent as of the Jan. 1 renewals, as two leading reinsurance brokers indicated there are reasons for concern in the marketplace.
In separate reports, Willis Re and Aon Benfield issued their views on the reinsurance market, saying that generally, reinsurance rates came in with an average decrease of 5 to 10 percent.
"Overcapitalization in the reinsurance market continues to gradually push rates downward with price reductions at the Jan. 1, 2011 reinsurance renewals averaging between 5 [percent] and 10 [percent]," Willis Re said in a statement.
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