Guy Carpenter News
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Reinsurance prices remained little changed in the April renewal round, a significant date for setting costs in the Asia Pacific region, after supply of available capital increased, Guy Carpenter & Co. LLC said.
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At 9:03 a.m. on Sept. 11, 2001, Britt Newhouse stood in the lobby on the 52nd floor of the south tower of the World Trade Center.
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Property catastrophe reinsurance prices rose 9.5 percent globally for contracts renewed on Jan. 1 following “historic” natural disasters last year, the reinsurance broker owned by Marsh & McLennan Cos. said.
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Global prices for reinsurance coverage will decline 7.5 percent for policies being renewed on Jan. 1 amid high levels of capital available in the industry, the reinsurance brokerage of Marsh & McLennan Cos. said.
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Munich Re and Scor SE said overall reinsurance prices will increase, driven by more expensive catastrophe coverage, while brokers said claims haven’t risen enough to push prices higher.
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Insurance losses from the Japanese earthquake may be large enough to turn prices for catastrophe cover that have been falling for two years, according to analysts, brokers and underwriters.
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Executives from reinsurers including Swiss Re Ltd. and their customers may negotiate modestly higher prices for a second straight year in 2013 when they start contract-renewal talks with clients in Monte Carlo this week.
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New Zealand’s deadliest earthquake in eight decades, which toppled buildings and trapped workers in Christchurch, the country’s second-largest city, may lead to higher prices for reinsurance in the Asia-Pacific region.
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Executives from reinsurers including Swiss Re and Allianz Re say prices for catastrophe coverage should rise next year after disasters from New Zealand to Japan drove up claims and low interest rates hurt investment returns.
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Munich Re and Swiss Re Ltd., the world’s biggest reinsurers, are awaiting this month’s peak of the U.S. hurricane season after record first-half catastrophe losses depleted buffers and threatened shareholder payouts.
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