July 2, 2018 / 8:50 AM / in 5 months

Florida property reinsurance rates rise up to 7.5 pct-Willis Re

LONDON, July 2 (Reuters) - Reinsurance premiums rose by up to 7.5 percent for catastrophe-hit Florida property accounts at June and July renewals, broker Willis Re said on Monday.

Reinsurance rates fell by up to 7.5 percent for catastrophe-free Florida accounts, Willis Re added.

Following record insurance losses from natural catastrophes last year, including three major hurricanes which hit the United States and Caribbean, insurers had hoped for a larger rise in rates.

Greater competition for the business led to the decline in rates for loss-free property, Willis Re said in a report. (Reporting by Carolyn Cohn; editing by Simon Jessop)

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