Property and casualty insurance rates in the region fell 5% and 3% respectively, according to Marsh data, with financial and professional lines recording the steepest drop at 8%.
Reinsurer said it will focus on working with existing clients and regulators to redesign products "that respond to changing societal needs and give consumers more certainty."
The reinsurer is also expecting insurers to focus on the “decumulation phase,” offering products like annuities and long-term care to address longevity risk.
