Willis Re Releases Annual Renewals Report January 2008
-- Settling or Sinking? -
London, UK, January 2, 2008 – Willis Group Holdings (NYSE: WSH), the global insurance broker, has released its annual reinsurance renewals report for January 2008. Entitled “Settling or Sinking?” it highlights one of the major trends witnessed in this year’s renewals; that of a rapidly softening market. The 2008 renewal season is also one of almost unprecedented lateness, as insurers try to reconcile reinsurer offerings with their own financial objectives. The industry is showing signs of reverting to the historic pattern of feast or famine.
The report focuses on rate movements across numerous territories and includes detailed analysis from our product line experts. Key findings of the report include:
- Rate reductions in almost every line of business
- Record profits and the quest for diversification has led to severe competition amongst reinsurers
- The sub-prime crisis has had a limited effect on reinsurers’ appetite
- Capital markets interest in supporting insurance risks remains unabated, with some USD6.4 billion of cat bonds being issued this year
Peter Hearn, CEO, Willis Re comments: “Our clients are confronted by an array of challenges in every country and line of business and we hope this report will help them to formulate a more comprehensive picture of the key issues facing the market this renewal season and in looking forward to the rest of 2008.“
To read the report in full, please click on the link:
Willis Group Holdings Limited is a leading global insurance broker, developing and delivering professional insurance, reinsurance, risk management, financial and human resource consulting and actuarial services to corporations, public entities and institutions around the world. Including our Associates, we have over 300 offices in some 100 countries, with a global team of approximately 16,000 employees serving clients in some 190 countries. Additional information on Willis may be found on its web site: www.willis.com.