Despite $110 billion in industry losses due to catastrophes, global reinsurers have responded without any significant dislocation or squeeze on capacity, according to “Reinsurers Resilient Against Waves Of Catastrophes, Economic Uncertainty,” a report by A.M. Best Co. The many loss events of 2011 nearly equaled the $125 billion losses endured in 2005, when hurricanes Katrina, Rita and Wilma struck.
Further, the report says renewals for January and April were orderly and timely, and that while pricing, terms and conditions improved for property catastrophe covers, the broader market benefited from a stable supply of reinsurance capacity, and pricing generally remained flat.
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