In the absence of a market-changing event in the fourth quarter, US property reinsurance rates are expected to have fallen by 5-10 percent during the course of 2009, according to Willis.
In its latest report, Marketplace Realities & Risk Management Solutions: Careful Steps, the broker indicates that for the US property market, catastrophe capacity is scarce for new programmes, but capacity is generally available for renewal, while new pro-rata capacity for catastrophe-exposed accounts remains very scarce and expensive.
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