Asian 1.1 renewals were hard and late as expected and reinsurers, brokers and cedents are still busy ‘tying up loose ends’ into the first weeks of the year. Though this year’s renewals discussion did start earlier this year, it closed at least a couple of weeks behind and some gaps in cover is still being filled.

As reported by InsuranceAsia News, Rare Earth Insurance Partner’s Chief Executive Wang Wei shares his perspective:

“Marine was the most difficult sector. Whilst terms were available, markets were often sceptical. Marine is even more difficult to place than property. Because of limited premium and not favourable loss results, marine treaty became the most difficult one to place.

The capacity in the reinsurance has shrunk a lot in the last three years, this year was the most difficult for marine.”

He also added that broker commissions were down. “Most companies dropped it down in order to get the deal done.”

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