LONDON, April 1 (Reuters) - The cost of reinsurance continues to rise as 2008 investment and catastrophe losses and volatile foreign exchange rates combine to curb capacity, leading reinsurance brokerages said on Wednesday.
Aon Benfield, the world's biggest reinsurance broker, said property catastrophe rates had continued to firm in most regions at the April 1 renewals, when many insurers renegotiate the cost and terms of the annual risk cover they buy from reinsurers.
"The April reinsurance renewals continued the global trends witnessed in January, with the exception of the significant influence of currency fluctuations, mainly the strengthening of the Japanese yen," Bryon Ehrhart, chief executive officer of Aon Benfield Analytics, said in a statement. read more
Aon Benfield, the world's biggest reinsurance broker, said property catastrophe rates had continued to firm in most regions at the April 1 renewals, when many insurers renegotiate the cost and terms of the annual risk cover they buy from reinsurers.
"The April reinsurance renewals continued the global trends witnessed in January, with the exception of the significant influence of currency fluctuations, mainly the strengthening of the Japanese yen," Bryon Ehrhart, chief executive officer of Aon Benfield Analytics, said in a statement. read more
