Soft market: cyclical or secular?

The great unanswered - and probably unanswerable - question of
this renewal is whether reinsurers are at a painful point in the
cycle or at the start of a new unwelcoming epoch.
Clearly, a period of benign loss experience has led to a
long-run accumulation of capital that has created a supply-demand
imbalance of the kind that has been seen before.
In the face of that imbalance, hungry reinsurers are fighting
over food that is not plentiful enough to go...