Soft market slog looms after further concessions

Reinsurers are preparing to dig in for two or three years of
deteriorating results, as the 1 January renewals look set to mark
the last meaningful erosion of rates following years of significant
compound reductions.
The renewals were characterised by declining pricing in most
lines and geographies, although almost everywhere the pace of
reductions was slower than 12 months ago.
Despite the slowing, reinsurers are likely to be more
disappointed than buyers as hopes of a flat renewal evaporated
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