2009: a good year for reinsurance
by Richard Kilner
Story link: 2009: a good year for reinsurance
The reinsurance industry enjoyed a good year in 2009, according to Cooper Gay’s 2010 Reinsurance Market Review, thanks to the absence of major catastrophes and the recovery in the global investment markets.
The reinsurance sector proved more resilient than the primary market which had to contend with limited potential for premium growth, high levels of competitiveness creating pressure on rates and attritional losses.
Most classes saw reinsurance rates softening due to plentiful capital coupled with an absence of major catastrophes.
Cooper Gay Chairman of Reinsurance Seymour Matthews has said that the firm’s prediction of a good year for reinsurance was proved right as a lack of major catastrophes saw the lowest cost (in both economic terms and human lives) for decades.
However, Matthews warned that the hurricane season was forecast to be worse than average which could affect the reinsurance sector.