Seasonal Fluctuation - Why this hyped renewal season is such an anticlimax

Fear and greed are sometimes said to be the main drivers of the reinsurance underwriting cycle and the 2006 renewal was widely expected to bring out the worst in the market - on the first count at least.Following the worst-ever year for catastrophes, many feared that capacity shortages and damaged balance sheets would combine to drive up reinsurance prices all over the world. No-one would escape the Katrina effect.Reinsurance costs were meant to skyrocket across the board as reinsurers scram