Reinsurance rates have not risen uniformly despite a year of severe natural catastrophe losses, according to the latest renewals data.

During the January 1 renewals period, Willis Re said reinsurance pricing had been driven more by individual loss history and risk exposure than “blanket increases”.

Capital levels in the reinsurance industry remain robust, meaning a sustained hardening of rates is far from certain, especially if underwriting results return to profitability this year.

Willis Re found that during January – the first of the major contract renewal periods before April and July – catastrophe reinsurance pricing rose 80% in New Zealand rose and 40% in Australia.

While renewals in the US were moving up following small gains in mid-2011, they were far from uniform.

“With the exception of a few problem long-tail classes, reinsurers have concentrated on increasing prices for natural catastrophe-exposed areas, which is leading to wide pricing differences by class,” Willis Re Chairman of International Business James Vickers said.

Bermuda-based XL Group found Japan, Thailand and New Zealand had been the most affected by reinsurance rate hikes, while cat policies in Europe rose below the rate of inflation.

XL Europe CEO David Watson says the renewals season has been “disappointing”, with “really no significant upward movement in trading conditions”.

Aon Benfield says insurers did not seek higher reinsurance limits during the January renewals period, but the larger loss-affected reinsurance programs are not up for review until later in the year.

US property reinsurance rates are “firming”, according to actuaries Towers Watson, but while reinsurers want to institute double-digit hikes, many companies have baulked at taking out additional cover.

Ratings agency AM Best says the Bermuda reinsurance market has exhibited signs of hardening in a “difficult yet promising renewal season”.

Both Standard & Poor’s and AM Best have confirmed a stable ratings outlook for the global reinsurance industry.