Despite record natural disaster losses in 2004, recent reinsurance renewals failed to generate massive rate increases, UK-based Aon said.
Aon's deputy chairman for reinsurance Charlie Cantlay said 2004's hurricane season had not been an industry changing event, unlike the World Trade Center attacks.
According to Aon, the unprecedented season stabilised rates in the reinsurance market and had a calming affect on the softening cycle.
The company also said the Asian tsunami would not greatly impact reinsurance pricing.