Japan Earthquake will not trigger hard market, says Willis Re
Relatively orderly price movements at the 1 April Japanese reinsurance renewals have indicated that the Tohoku Earthquake is not the catalyst that will bring about a hard market, according to Willis Re.
However, the reinsurance broking arm of Willis Group Holdings said the total tally of first quarter devastation including the Japan, Chile and New Zealand earthquakes and the Australian floods, has significantly accelerated the likelihood of a market-wide turn should reinsurers be tested again this year.
Titled Shaken and Stirring, the Willis Re 1st View Renewals Report found that while there have been rate increases on Natural Catastrophe Excess of Loss of between 5% and 50%, the Tohoku and
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