Property/casualty reinsurance rates likely to decline further in 2016: Officials

Executives have said in a recent conference that property/casualty reinsurance rates are likely to decline further when companies renew their policies in January 2016, Bloomberg reported.

The executives said that reinsurers have abundant cash due to absence of major catastrophe claims in recent months. "Prices aren't going up anytime soon, that's for sure," said XL Catlin deputy chairman Stephen Catlin, adding that "while some of the steepest declines are coming to an end, I still think prices will be down closer to 5%."

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