Magazine date:
Feb 2016 Despite the serious floods that affected the south of India in 2015, the tariffs in use by insurers are not likely to undergo any increases even though these events are estimated to set the insurance business back at approximately 450 million USD. This apathy is largely accounted for by the situation of the insurance market.
According to GIC Re, the absence of major claims at the global level is behind the stagnation or even the decrease of reinsurance rates. As far as broker Willis is concerned, reinsurance rates are not yet low enough to limit the ever-abundant capacity supply. This is particularly true for the aviation and energy classes of businesses.