Despite the $30 billion loss impact of Superstorm Sandy, the key battleground for reinsurers is in U.S. property catastrophe, according to a report from Willis Re, a reinsurance risk advisor and broker.
Rates are down as much as 25 percent on some Florida property catastrophe accounts, the company said, with decreases of up to 20 percent nationwide. The report, “Supply Chases Demand,” also found that in the second quarter, losses caused by tornadoes in the United States and floods in Europe will only have a modest impact on the global reinsurance market. “[A]s it stands, it is not easy to see any end to the continuing softening of the global reinsurance market,” the report said.
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