Reinsurance renewals report reveals rate reductions

Willis has released its annual reinsurance renewals report for January 2008. Entitled “Settling or Sinking?” it highlights one of the major trends witnessed in this year’s renewals: that of a rapidly softening market. The 2008 renewal season is also one of almost unprecedented lateness, as insurers try to reconcile reinsurer offerings with their own financial objectives. The industry is showing signs of reverting to the historic pattern of feast or famine.