LONDON (Reuters) - Reinsurance rates to cover property catastrophe damage in hurricane hotspot Florida rose only slightly at June 1 renewals, despite record losses in 2017, broker JLT Re said on Friday.
JLT Re said rate increases were seen in the low single digits, an increase it called “negligible” and some way below market expectations.
The broker said demand from investors to put money to work in the reinsurance market remained strong, with dedicated reinsurance capital at record levels.
“Pricing for Florida property-catastrophe business remains 40 percent down on 2012 levels and only 13 percent above the previous cyclical low of 1999/2000,” it said in a statement.
Reporting by Simon Jessop; editing by Lawrence White