George Carrington, Managing Director and Head of European Casualty Specialty
As with Continental Europe, July 1 is not a particularly heavy casualty reinsurance renewal in the Asia-Pacific region, with few programs renewing. For programs that did renew, rates were up modestly, on average, in Asia, with increases ranging from 5 percent to 10 percent. Higher prices were concentrated on accounts with loss histories that were worse than average.
In Australia, reinsurance rate increases were more pronounced. Programs with favorable loss histories renewed at 10 percent or higher. Those with difficult loss histories renewed with even greater increases.