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.
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.
The $30 trillion global pension fund industry is starting to muscle in on traditional reinsurers, financing protection against earthquakes and tornadoes as interest rates near record lows spur the search for yield.
Global prices for reinsurance policies up for renewal on Jan. 1 declined amid an oversupply of capital in the industry, according to a unit of Marsh & McLennan Cos., the world’s largest insurance broker.
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.