The competitive reinsurance pricing environment will push companies to innovate in 2014, say property and casualty insurance experts at the turn of the New Year.
Guy Carpenter says its global property catastrophe reinsurance rate-on-line index fell by 11% at the Jan. 1 renewal, driven by a 15% decline in the U.S., while European and U.K. prices fell by 10% and 15%, respectively.
"It is the first renewal in over a decade where all major territories saw pricing move in the same direction," says a summary of GC's upcoming renewal report.
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