There are just six working days left before the expiry of reinsurance contracts for a lot of property catastrophe programmes and reinsurers have admitted some renewals won't happen before the deadline.

By some estimates, it could be as much as two weeks into the new year before all the programmes are current, as underwriters are working long days trying to clear a backlog.

Mr. Lawrence Doyle, president and CEO of Global Capital Re, said,"Right now we are in the midst of renewals. It's rather late this year, because many buyers were hoping to secure a decrease in price.

"For some it is occurring, but nothing of a serious nature, rather minor reductions.

"If people didn't have a Northridge (Los Angeles earthquake) loss or an Andrew loss but they have had 300 percent rate increases over the last four or five years, they are typically receiving decreases of up to ten percent.'' Mr. Doyle said that for his company, renewals have been slow, as some have been shopping around.

"I still expect that it will take a couple weeks into January before everything is finalised. Those that do not have their programmes renewed into the new year will be in an uncomfortable position, if they have a California exposure. Remember last January we had the earthquake.'' Mid Ocean Re, president and CEO Mr. Michael Butt said, "Rates are much as we expected. The US is holding firm. In the UK, we expected some reduction, but it has not been overly dramatic.

"In some cases, though quotes have gone out, but orders have not come in. It certainly will over-lap and some people won't have it all done by the beginning of January.

"It will probably be early January before we have a clear view of the market.'' Meanwhile at International Property Catastrophe Reinsurance, senior vice president, underwriting, Mr. James Bryce, said he was facing a mountain of work that just started to pile in last week.

He said, "Orders being given just started last week. It's going to be very, very busy from here on in. It just started literally at the end of last week.

It's a short week next week and everyone wants their answers yesterday.

"From what I understand, a lot of companies both in the US and in other countries, the orders have been given very late. Now, everyone is rushing to get it done before year's end, which is trying to achieve the impossible.

"Some programmes will get finished, but everything will probably finish up around the 16th (January).'' Rates, he said, seemed to be stable. But those who were affected by the cold snap along the east coast in the first quarter or the earthquake, could expect to see rate increases.

Mr. Bryce said, "In most cases there is a long term commitment to buying. But reinsurers want to be more analytical in terms of measuring the exposures and coming up with a price that reflects the exposure and the contract experience.

The quality of information is being enhanced and people want to set a standard of studying exposure, with better information.

"Unfortunately in the past, it was more seat of the pants underwriting.'' Partner Re was ahead of the game, with president and CEO, Mr. Herbert Haag, saying that a good portion of the company's catastrophe book was already renewed.

And he said, "The rates in the US have held firmly, in our opinion. There have been some adjustments to individual situations, which is fair enough.

Europe, in some of the small countries have dropped significantly. Israel, Mexico the UK and Portugal, probably because the London market was trying to win some of the business that they had lost back.

"Those markets will not play a significant part in the world pricing structure. Generally, the rates have held firm.'' Mr. Michael Butt