While the U.S. reinsurance market for hurricane-exposed programs continued to harden, renewals of catastrophe-exposed programs outside of the United States remained firm, and were influenced by regional loss experience and reinsurer competition to participate in regional programs. This comes from Aon Benfield’s July Reinsurance Market Update report, which examines the trends experienced in various lines and territories at the July 1 renewals.
In Australia, property catastrophe pricing increased by 10% to 15% overall, and by 5% to 10% on loss-free layers, as a result of large losses arising from the Queensland storms in 2008, and the Victoria bushfires earlier this year. Conversely, in Malaysia, property excess of loss rates decreased by 5% to 15% overall due to increased capacity and competition.
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