LONDON, Jan 2 (Reuters) - Global property reinsurance prices have risen by up to 7.5 percent in the latest renewal season, reinsurance broker Willis Re said on Tuesday, lagging some expectations after one of the worst-ever years for losses.
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, the broker, a unit of Willis Towers Watson, said in a report.
Last year was one of the worst on record for insurance losses from natural catastrophes, totalling $136 billion, Willis Re said.
Some reinsurers had been expecting double-digit price rises across the board at key Jan. 1 renewals following hurricanes in the U.S. and Caribbean, wildfires in California and earthquakes in Mexico.
Several catastrophe bond managers are planning new funds and hedge funds have bought reinsurance stocks to benefit from the price rises, following years of declining rates. (Reporting by Carolyn Cohn; editing by Simon Jessop)