Focus on Hurricane Season at July 1, 2011 Reinsurance Renewal: International Casualty - Australia & New Zealand
There are a handful of casualty placements in Australia/New Zealand at the July 1 renewal. General casualty rates were flat. Most reinsurers seemed either reluctant or were instructed by their boards to not give up any rate levels. Renewals proceeded on a case by case basis. Where good claims experience and change in exposure mix justified it, reinsurers accepted rate reductions of up to 5 percent.
However, for the most part, reinsurers looked to hold the line. Some casualty reinsurers are bracing themselves for suits filed against various Queensland municipal councils regarding allowing construction in recognized floodplains, but nothing has materialized, yet.
Professional lines accounts, such as medical malpractice, fidelity and directors and officers, saw rates flat to declining 8 percent across layers and programs.