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The Jan. 1 reinsurance renewals saw wide-ranging rate movements across territories and lines of business depending on loss experience and exposure perceptions, leading to a fragmented market, Guy Carpenter & Co. L.L.C. said Wednesday in an analysis.
The reinsurance brokerage said that despite the prospect of sustained low interest rates, rate movements for casualty business were “subdued” at the Jan. 1 renewals, while most other lines saw modest movements with price increases or decreases in the single digits.
While last year saw very large natural catastrophe losses, revisions to catastrophe models and challenging macroeconomic conditions pressure the industry, reinsurers were able to pay claims and the market did not suffer significant dislocation, David Flandro, head of global business intelligence at Guy Carpenter in London, said in a statement.
There was a 9.5% average increase in global property catastrophe rates at the recent renewals, according to the report, while U.S. property catastrophe reinsurance rates rose 5% to 15% on average, it said.
Global marine and energy business saw rate increases of 5% to15%, on average.
Rates for global aviation and aerospace reinsurance were flat or down as much as 5%, according to the report.
U.S. casualty rates were flat or up as much as 5%, the report found, while U.S. workers compensation catastrophe rates for self-insured employers were flat or down as much as 5%.
U.S. directors and officers rates ranged from a 5% decrease to a 5% increase, the report noted, while rate changes for U.S. errors and omissions coverage were in the same range.
Rates for U.S. medical professional liability were flat, Guy Carpenter said, while U.S. surety business saw rates decrease 5% to 10% on average.