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Worldwide reinsurance capital increased by 5% last year as prices continued to decline, according to a report by Guy Carpenter & Co. L.L.C. released Thursday.
Rate declines, however, are slowing compared with the past three renewals, according to the report.
For example, the reinsurance brokerage’s property catastrophe rate-on-line index fell 3.7% on Jan. 1 compared with nearly 9% a year ago.
As capacity remains plentiful, reinsurers are offering new products and coverages, such as for flood and cyber risks, the report said.
“An abundance of available capital and improving analytics tools are essential components to create support for notable advances. An innovative mindset is the key to success in today’s marketplace as the increasing complexity of risk brings new levels of uncertainty,” Guy Carpenter President and CEO Peter Hearn said in a statement.
Reinsurance rates fell again at January 1, 2017, renewals, despite a 50% increase in catastrophe losses last year, as capacity remains plentiful in most markets, according to a report released Tuesday by Willis Re.