Competition is bringing prices down
South Korea is witnessing a soft reinsurance cycle. The absence of major catastrophic events since 2004 along with the increase of insurers' retention have lead to a fierce competition among reinsurers keen on retaining their customers in 2010. According to Willis, the country has sustained a few major property losses in 2009. The latter have been covered by coinsurance made up of local insurers.
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Thu, 17/02/2011 - 10:05
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