Sept. 3 (Bloomberg) — The worst reinsurance market in memory looks set to carry into 2015, industry executives said.
An absence of costly disasters and increasing competition from new entrants dragged on prices this year, and reinsurers may struggle to halt the slide when they meet with brokers and clients in Monte Carlo this month to begin negotiating next year's property-and-casualty policies.
"This soft market is probably in a universal way unmatched by previous cycles I've lived through," said Manfred Seitz, managing director of international reinsurance at Warren Buffett's Berkshire Hathaway Inc. and an industry veteran who started his career at Munich Re in 1972. "We have a deterioration of pricing over a longer period of time in practically all classes of business," he said at a roundtable of reinsurance executives organized by Bloomberg News.
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