January 1 reinsurance renewals saw lower rates across most property catastrophe lines, according to broker Guy Carpenter in its latest annual briefing.

The company’s World Catastrophe Rate on Line Index was down 6%, reflecting the reinsurance market’s recovery and swift recapitalisation since the global financial crisis, as well as a big drop in catastrophe losses.

The 18 catastrophe bond issues last year easily exceeded the 10 in 2008, and Guy

Carpenter says this market will continue to provide an increasingly attractive and worthwhile supplement to risk transfer programs this year.

Some aviation sectors such as commercial helicopter saw rates climb after a spate of losses although others including good quality corporate aircraft risks continued downward.

Marine reinsurance rates were 5% softer on average.

“[Marine] capacity is growing and ample, with widespread price-cutting, particularly for non-Gulf of Mexico business,” the broker says. “In the absence of any significant losses, downward pressure on marine rates is expected to continue in 2010.”