The reinsurance sector entered 2013 with ample dedicated capital and stable pricing, according to “The Route to Profitable Growth,” the 2013 global renewal report from Guy Carpenter & Co. Renewals were supported by lower than normal catastrophe losses during the first nine months of 2012, increased reinsurance capacity and record-high levels of capital.
“The January 1, 2013 renewal was very orderly as catastrophes had only local impact,” said Lara Mowery, Global Head of Property Specialty. “One area of ongoing development was growth in the number of participants and capital provided by nontraditional markets, a critical factor in the marketplace's continuing evolution. Even insurers that do not directly utilize nontraditional sources benefit as reinsurers further leverage this capacity.”
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