NU Online News Service, July 10, 4:00 p.m. EDT
Reinsurance renewals continue to firm, but ample capacity is offsetting some pricing pressures produced by past catastrophe activity and catastrophe-model changes, says reinsurance broker Guy Carpenter.
“In 2011 the industry experienced one of its most challenging years, due to the tremendous volume of catastrophe losses across the globe,” says Lara Mowery, Guy Carpenter's head of global property specialty, in a statement. “With light losses to date in 2012, July 1 property renewals are marked by disciplined underwriting amid plentiful capacity. Based on the impact of July increases in 2011 and available capacity, pricing trends have moderated.”
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