Benefits of increased rates undone by asset impairment charges

The global reinsurance industry is under scrutiny like never before. Over the last few weeks there has been a rush of reports on the state of the industry a year after the disastrous events of 11 September. So much so, that this year’s reinsurers’ meeting in Monte Carlo, normally a relaxed, unstructured affair in which the participants discuss business in the lobbies and corridors of five star hotels, took an uncharacteristically serious turn.