A lack of major catastrophes in recent years (aside from this year); increased competition brought on by the inflow of alternative capital from investors; and the need to spend more time and resources processing increasing volumes of data are several of the key forces that have created today’s soft market conditions. With combined ratios increasing and global property reinsurance rates online (ROLs) having declined for 11 straight years, describing the underwriting environment as “challenging” would be an understatement.
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