(Bloomberg) -- Prices charged by reinsurers for annual contracts renewed this month declined for a second straight year amid an absence of costly disasters, Guy Carpenter said.

“Reinsurance pricing fell in many segments, affecting almost all lines of business and geographies, continuing recent renewal trends,” the reinsurance brokerage unit of Marsh & McLennan Cos. said in a statement today. “A major factor driving market conditions at the renewals was the lack of costly catastrophes.”

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