New reports are supporting the notion that while the Japan earthquake and tsunami may not be enough to reverse the soft market, the impact of combined first-quarter catastrophes should improve pricing in some areas.
Consulting firm Towers Watson, with offices in New York and London, says in a report that based on published reports and market estimates, reinsurance rates are expected to increase 20-50 percent for Japan programs. India was expected to see increases in April 1 renewals. Australia and New Zealand should experience increases on their July 1 renewal program.
Increases in the U.S. depend upon individual reinsurance exposures, but with the upcoming hurricane season, pressure is expected on catastrophe renewals that take place midyear, Towers Watson says.
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