Why the market is rough sailing.(Commentary)(Brief Article)

Byline: Paul Winston

I have just returned from the annual Rendez-Vous de Septembre, at which the world's reinsurers gather to determine which way the wind is blowing.

After years of doldrums created by soft pricing, even the barest puff in their sails would make most reinsurers ecstatic. And this year, the winds of the hard market continue to howl. This kind of wind, however, is so strong only the most skilled sailors in the most seaworthy boats will be able to ride it out. Others may lose their course, sink, have to jettison cargo or be rescued. Already this is happening.

For insurance buyers, who are passengers on the reinsurance ships, hardening rates and shrinking …