“Demand for traditional property-casualty reinsurance will continue to decline over the next five years as primary insurers grow in size,” concludes a new study by insurance management specialists Conning & Company.
The study confirmed recent trends in the industry characterized by competition for market share, declining premiums and excess capacity and points out that this has caused “a downward spiral that is difficult to break.”
Conning urges reinsurers to expand their horizons and develop new products and markets, particularly in alternative risk transfers (ART’s). “Forty percent of reinsurance survey respondents anticipate growth of nontraditional products in 2000,” said the announcement of the study.
Despite this finding, Conning indicates that only a minority of reinsurers are actively engaged in “expanding into new and alternative markets.”
“Property-Casualty Reinsurance: Developing the Next Frontier” is available from Conning for $575. By telephone at 888-707-1177 or 860-520-1245; or from the company’s website at: www.conning.com.
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