The US property reinsurance market is flat following the January and April renewals, according to global broker Willis.

Apart from some accounts hit by Superstorm Sandy, catastrophe business rates are between flat and 5% up, while non-catastrophe rates are between flat and 5% down.

In response to Sandy insurers are reviewing definitions of “named storm” and “flood” – in some cases moving storm surge from the former category to the latter – the broker’s Marketplace Realities report says.

Many insurers are reducing flood limits and increasing deductibles at renewals.

In workers’ compensation, claim frequency may be starting to rise, possibly driven by the effect of economic conditions on job opportunities, the ageing workforce and recruitment of less-experienced staff, Willis says.

Workers’ compensation rates will rise between 2.5% and 10% in the US, the broker predicts.

The cyber risk market is competitive, with renewal rates between 2% down and 5% up, and is particularly competitive for first-time buyers.

Last year more than 2600 breaches were reported in the US – a new record of about seven a day. Of these, 59% concerned hacking, 18% theft or rogue employees and 12% human error.

Some carriers are introducing cyber policies in overseas markets, while more stringent privacy laws in the US, Europe and elsewhere mean multinational corporations are addressing cyber risk.

In the directors’ and officers’ segment, Willis predicts prices will be flat to 10% up.

Prices will continue to firm this year but coverage terms and conditions tend to remain competitive.

Private companies and non-profit groups are seeing rate increases, particularly in healthcare.

The fidelity market appears to be settling into a period of flat renewals, Willis says, predicting price increases will be limited to 5%.

Capacity remains strong and new market entrants are challenging leading players.

In fiduciary lines, Willis expects price increases of up to 15%, but says one market is willing to consider multi-year deals.

Airline rates may fall by up to 25% because of abundant capacity and strong loss performance.

The energy market is stable, while modest increases are predicted for most marine lines except hull, which remains flat.

Political risk rates will drop slightly, while terrorism and trade credit will be between flat and 5% up, Willis says.