January renewals see further concessions as the market continues to soften

The latest January renewals saw further price drops in many markets and locations with reinsurers readying themselves for a drop in results in the next few years. Despite the price reductions there are hopes by some that this could be the end of the reductions as they were slower than a year ago. The property cat market was split geographically with the American market seeing the smallest reductions at 2.5% to 5%. Europe, as an average, saw reductions of 2.5% to 7.5% and Asia witnessed some double digit reductions in China and Korea.