(Bloomberg) — The world's largest reinsurers and brokers see little relief in pricing in 2016 amid a relentless influx of alternative capital from pension funds and one of the past decade's quietest years for catastrophe losses.

Rates for property-and-casualty reinsurance are expected to show further declines when firms renew policies in January, according to executives gathering at the industry's annual meeting in Monte Carlo this week. That follows rate declines at each of the three renewal periods in 2015.

"Capacity remains abundant," Alex Moczarski, chief executive officer of reinsurance broker Guy Carpenter, said at a briefing on Saturday. This is "maintaining pressure on pricing on terms and conditions."

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