WILLIS RE REPORTS SIGNIFICANT HARDENING AT 1/1

Willis Re has published its First View of the January 1 reinsurance renewals, which revealed significant rate rises across classes of business. In US property, loss-free accounts saw increases of between 0% and 15%, while loss-hit accounts saw rises of between 10% and 25%. Loss-free UK property accounts saw rises of between 2.5% and 5%, while loss-hit accounts saw rises of between 5% and 15. Trends for European accounts were broadly similar to those for UK accounts. Casualty also saw continued hardening, led by US general liability, which saw rises of between 10% and 30% on loss-hit accounts. Within specialty, aerospace, saw the most pronounced hardening, with rises of 25% recorded in loss-free accounts and increases of up to 250% on loss-hit accounts. Willis Re reported significant pricing and capacity variance depending on geography, product line, loss record, and individual client relationships. As a result, the renewal season concluded later than in previous years.