July 2, 2018 / 9:02 AM / 10 months ago

Florida property reinsurance rates rise up to 7.5 percent: Willis Re

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

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