Cat rates in global property down 5.7%

January renewals witnessed a continued soft reinsurance market despite hopes by some of an improvement in the new year. JLT released a statement before New Year’s Day estimating an average risk-adjusted reduction in property catastrophe rates around the globe of 5.7%, an improvement in the declines witnessed in the last 3 years. Analysts have reported that the scale of the reduction year on year is lessening although with a 33% decline in pricing since 2013 margins are being squeezed.