March 2nd, 2010

UK Property Jan 1 Renewals

Posted at 10:00 AM ET

UK average rate changes ranged from declines of 15 percent to flat.  Excess of loss Cat rates declined by 5 percent to 10 percent. Property Fire Risk rate changes ranged from declines of 15 percent to flat, with variations determined by loss experience. Risk pricing will continue to be under pressure and the market competitive as long as the primary market continues to see depressed rating levels. The Reinsurance Property lines have been profitable over time, but because the UK falls into reinsurers’ peak Northern European Cat zone, capacity is usually finite. However, several new entrants in the UK market are offering additional capacity. Retentions levels have remained stable and recent flooding in the UK has highlighted the need to protect earnings from attritional cat events.

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