Guy Carpenter: Cat rates down 6% in 2010

Insurance Daily has the summary:

The World Catastrophe Reinsurance Market 2010 found that prices fell by an average of 6% in H1 2010 due to surplus capital, with Guy Carpenter estimating an over-capitalisation of US$20bn (12%).

The study also forecasts a continuing decline in prices due to surplus capital, unless a significant event occurs to alter the situation.

Note the excess surplus of $20 billion is driving rates lower, with more losses to come.

(h/t InsuranceNote)

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