Cover Story II - Reinsurance: Upcoming renewals gather steam
Source: Asia Insurance Review | Nov 2009
The Rendez-vous de Septembre was abuzz with activity this year as hotel lobbies were again crowded with ongoing discussions on rates as we approach the US hurricane season. The hard market expected in 2008 for 2009 may not have transpired, however, the overall reinsurance market proved to be more resilient than the primary market amid the economic instability.
Still, the mood was relatively placid going into the 1 January renewals as the industry is still burdened with the effects of the gloomy economy, tight credit and a relatively quiet catastrophe year. Moreover, expectations of pressure on rates, capital and capacity issues dominated discussions and the overly competitive Asian markets concerned the CEOs. We piece together the key topics on the minds of our reinsurance leaders during the four-day affair.
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