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Rethink - Not enough time for depression.
(From Reinsurance)
For most people, January is the most depressing month of the year: it's cold and dark, unlit by the bright lights of Christmas and the New Year, which are fast receding into the background while spring is only a glimmer on the far horizon. But the reinsurance industry has had no time to be depressed, as the renewal season hit it in the face right from the start.
Our latest Rethink survey of what is making and breaking the reinsurance industry was carried out mid-January, as curious eyes started to assess the impact of the mass of start-ups that sprang up during 2005.
The first question we asked was how the class of 2005, which had to hit the ground running after it sprang up at the end of the year following the stormiest hurricane period on record in the Atlantic, was affecting the renewal season. On this point, opinion was distinctly divided. Here, 35% of readers said that they thought that the class had had a major impact; 55% said that it had had a minor impact; and 10% thought that it had no impact at all. One reader said that there had been late starts in this sector, and that some of these lack credibility. Another said that the impact of the class may change during 2006, once everyone is up and running.
Moving on, we next looked at the question of whether incumbent reinsurers are right to seek rate rises on ...
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