Property catastrophe reinsurance rates fall in July, report says

LONDON - Global property catastrophe reinsurance rates ranged from being unchanged to falling by"mid- to high-single-digit" percentages in July, reinsurance broker Guy Carpenter said on Monday, following years of rising rates.Reinsurance - insurance for insurers - in Florida, California and other areas prone to natural catastrophes like hurricanes and wildfires has risen sharply in recent years due to heavy losses, partly as a result of climate change.

The price reductions come despite nearly $50 billion in global catastrophe insured losses in the first half, 8% above the five-year inflation-adjusted average. U.S. severe convective storms were the main driver for the losses, Guy Carpenter said.

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