LONDON (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