Direct Insurance Group chief executive David Bearman has seen Caribbean local markets “move prices forward substantially”, with “significant” rate movements.

Direct Insurance Group chief executive David Bearman expects to see “significant” rate movements in the Caribbean in 2018, following a stormy 2017.

Last year, the global reinsurance market was hit with costs of over $100bn, following hurricanes that included Maria and Irma. According to Bearman, Direct Insurance Group is seeing “local markets move prices forward substantially, even on islands that were not affected by the recent storms”

Bearman’s comments came as Direct Insurance Group’s Caribbean property specialist Aura Underwriting renewed its exclusive Property & Catastrophe facility with Lloyd’s Underwriters.

The facility has $2bn in aggregate property catastrophe capacity. Regional brokers in the Caribbean can place property risks of up to $15m for a given building.

Bearman commented: “Our team have worked tirelessly since the devastation caused by hurricanes Maria and Irma with our brokers and clients and our Lloyd’s capacity remained steadfast throughout, paying losses promptly to our mutual clients and renewing them into 2018, when the going got tough.”