March 10th, 2010

Renewal Experiences in France at 1/1

Posted at 12:00 PM ET

The January 2010 renewal season in France was characterized by stability, available capacity, low loss activity and strong competition. The lines where capacity was limited were credit and medical malpractice, the later impacted by distressed/heavy risks. Excess of loss (XOL) property cat business with losses showed average rate increases of 10 percent mainly on the low layers (hit by Windstorm Klaus), but changes were flat on the top layers. Change was also flat for business with no losses. XOL property risk business showed no changes for programs with losses and an average rate decrease of 5 percent for programs without losses. Cedents continue to move retention levels to keep reinsurance spend flat. No model changes occurred during the year, but Klaus did generate model recalibration activity.

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