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Catastrophe bond managers are launching new funds and hedge funds have bought reinsurance stocks to benefit from expected double-digit price rises, following hurricanes in the United States and Caribbean, wildfires in California and earthquakes in Mexico last year.

Global prices rose by up to 7.5 percent, Willis Re said in a report, while JLT Re said its property-catastrophe reinsurance index gained 4.8 percent. [Editor’s note: see below for links to the reports].

“The concerted effort by many reinsurers to seek meaningful … rate increases across the board has been unsuccessful,” said James Kent, global CEO of Willis Re, pointing to “continued supply of capital” in the sector.

The reinsurance sector has turned the corner after five years of falling prices, however, after a record year of $140 billion in insurance losses, JLT Re said.

Property reinsurance prices rose 20-40 percent in catastrophe-hit areas in the Caribbean and 5-10 percent in loss areas in the United States and Latin America, Willis Re, a unit of Willis Towers Watson, said.

Please enjoy the full article below and watch out Fort Lauderdale & all of S. Florida for some huge rate hikes in Home Insurance.