The Guy Carpenter Global Property Catastrophe Reinsurance Rate-on-Line Index fell 11 percent at the Jan. 1, 2014 renewal, according to a preview of the company’s 2014 global renewal report. Nearly all classes and regions declined. Accessible capital continues to increase, Guy Carpenter said, and strong balance sheets and comparatively low catastrophe losses contributed to the decline. The full report is scheduled to be released January 6.
Dedicated sector capital remained at near-record levels, having risen to $322 billion at year-end 2013, said Guy Carpenter, a global risk and reinsurance specialist and member of Marsh & McLennan Co.’s. Global insured losses totaled $40 billion, compared to the ten-year average loss of $60 billion, which contributed to the ample available capital, in the reinsurance market at Jan. 1, 2014, which meant the supply of reinsurance often outstripped insurers’ demand.
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