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A report by U.S.-based S&P Global Ratings Inc. said that property/casualty reinsurance prices have been hardening during the 2019 renewals in reaction to back-to-back high-catastrophe years in 2017 and 2018, Asia Insurance Review reported. "Reinsurers are battling the commoditization of their business and the rise of alternative capital nibbling at their margins," the ratings agency said.