Sept. 3 (Bloomberg) — The worst reinsurance market in memory looks set to carry into 2015, industry executives said.
An absence of costly disasters and increasing competition from new entrants dragged on prices this year, and reinsurers may struggle to halt the slide when they meet with brokers and clients in Monte Carlo this month to begin negotiating next year's property-and-casualty policies.
"This soft market is probably in a universal way unmatched by previous cycles I've lived through," said Manfred Seitz, managing director of international reinsurance at Warren Buffett's Berkshire Hathaway Inc. and an industry veteran who started his career at Munich Re in 1972. "We have a deterioration of pricing over a longer period of time in practically all classes of business," he said at a roundtable of reinsurance executives organized by Bloomberg News.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
