Most reinsurers remain within their annual catastrophe budgets and don’t face any material capital impact as a result of Superstorm Sandy, according to “Reinsurers Clear the Sandy Hurdle,” the January 2013 renewals report from Willis Re. As a result, rates on property classes have stabilized and there will be no blanket rate increases at January 1, 2013, the company said.
According to the report, natural catastrophe losses for 2012 are half of 2011’s $120 billion in losses; international rates for property catastrophe business are risk adjusted flat to -5 percent; U.S. rates for property catastrophe are risk adjusted flat to -5 percent on loss-free accounts and +10 percent on loss-impaired accounts.
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