US cat writers further disappointed as 1.7 rates 0-5% up
US property cat reinsurers look set to be left disappointed for the second month in a row, with 1 July renewals seeing average rate rises in the flat to five percent up range, The Insurance Insider understands.
The performance follows a Florida-dominated 1.6 renewal where underwriters' expectations were dampened by an influx of collateralised capacity that pulled rate rises back to 2.5-5 percent - considerably lower than 1.1 increases.
The rate rises were also below the forecast 5-10 percent hardening...
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