XL Catlin has extended its global property insurance capacity by 25% to $US500 million ($663.13 million), to address rising insurable values and demand for higher coverage.

It will be made available on a quota share or layered basis.

Chief Underwriting Officer, Global Property Tim McMahon says property assets are critical to clients’ operations and coverage must reflect progressions in technology and the rise in property values.

North America Property Business President Michele Sansone says in the US and Canada higher property values, increased investment activity in the industrial and commercial space, and concern over natural catastrophe exposures have led clients to seek more insurance.

“Our new limit allows us to readily address our clients’ requests for higher limits from a team they trust,” Ms Sansone said.