The oversupply of reinsurance capacity for Japanese wind, flood and earthquake perils capped any anticipated post-HIM rate rises in what turned out to be a broadly flat April renewal, according to Willis Re.
The property direct and facultative market achieved rate increases of 20-30 percent on loss-hit US business at the April renewal, but underwriters were still nonetheless disappointed.
Reinsurers were pushed back in their attempts to increase US property rates at the April renewal, with loss-free cedants even demanding slight decreases, Willis Re said in its 1st View report.
