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“We are approaching the top of a cycle which we believe is unlikely to precede a precipitous and damaging decline in rates,” James Kent, Willis Re global CEO, said. “Instead, the market is likely to retain its discipline in order to maintain the balance it has achieved over the past couple of years especially with the full picture of losses from COVID-19 and prior year liability lines still to emerge.” (Credit: Shutterstock) “We are approaching the top of a cycle which we believe is unlikely to precede a precipitous and damaging decline in rates,” James Kent, Willis Re global CEO, said. “Instead, the market is likely to retain its discipline in order to maintain the balance it has achieved over the past couple of years, especially with the full picture of losses from COVID-19 and prior year liability lines still to emerge.” (Credit: Shutterstock)

During the most recent renewal periods, global reinsurers maintain pricing momentum built during the first quarter, according to Willis Re, which cautioned there were signs capacity supply was beginning to outpace demand.

In addition to maintaining pricing momentum, Q1 2021 saw improved results for premium volume and combined ratios, which helped lift the market during 1.6 and 1.7 renewal periods.

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Steve Hallo

Steve Hallo is an assistant editor with PC360 Group. Prior to his current position, Steve spent nearly a decade covering retail transformation, consumer trends, manufacturing issues and supply chain challenges impacting global CPG markets. He can be reached at [email protected], and on LinkedIn and Twitter.  

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