The June renewals show strong signs that reinsurance rates are stabilising, according to JLT Re.

Following five years of decline and double-digit falls, the reinsurance broker says rates continued to drop, but within the range of flat to -5%.

Efforts to achieve greater reductions “were met with considerable resistance”.

Morgan Stanley analysts agree, saying average declines of 3-5% are expected from the June 1 renewals.

But Guy Carpenter Pacific Region CEO Tony Gallagher has told insuranceNEWS.com.au that although the signs of stabilisation are there, he believes rates are still falling between 5% and 10%.

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