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Article: Reinsurance market hardens; Baden-Baden meeting finds firmer resolve to raise rates.(Brief Article)
- Article from:
- Business Insurance
- Article date:
- November 6, 2000
- Author:
CopyrightCOPYRIGHT 2000 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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BADEN-BADEN, Germany--It is no longer a question of whether reinsurers will be able to raise rates at year-end renewals but how high they will go.
Most insurance companies now recognize that they will have to pay more for reinsurance capacity, particularly property catastrophe coverage, and reinsurers now are more confident of making higher rates stick than they were even a few weeks ago, during the Rendez-vous de Septembre in Monte Carlo.
At least one ceding company executive says that insurers will pass those higher costs along to risk managers--especially those at multinational companies--renewing at year-end.
Those were among the messages ...