GLOBAL FOCUS

Reinsurance buyers in GCC benefit from softening rates, overcapacity: Moody's

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Moody's Investors Service Inc. said in a report that softening rates because of global reinsurance overcapacity are benefiting reinsurance buyers in the Gulf Cooperation Council, CPI Financial reported.

Moody's said low level of natural disaster claims in the area has placed pressure on reinsurance renewals rates as at January 2014.

It added that upon renewal many commercial reinsurance policies are shifting to excess of loss coverage from quota sharing arrangements.

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