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Comment - Expect no surprises.
(From Reinsurance)
Byline: Sal Zaffino, chief executive of global reinsurance intermediary Guy
I appreciate this opportunity to address issues of concern within the reinsurance market, particularly given the current conditions in the industry. I hope to share with you unique knowledge - specifically on property catastrophe reinsurance - that Guy Carpenter has garnered from our dealings around the world.
Observations of current market conditions indicate that 2003 is shaping up to be a relatively stable year for property catastrophe reinsurance.
The market appears to have absorbed the dramatic impact of the 11 September 2001 attacks and to have made adjustments for emerging losses in areas ranging from corporate governance to asbestos to declines in equity prices.
So far, the industry has also benefited from the relatively few catastrophes this year, thus avoiding another potentially destabilising market influence.
Demand matches supply
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