The January 1 renewals saw "significant rate increases" in the US, Australia and Southeast Asia, according to Munich Re in a statement released his morning. Prices in other regions and classes remained unchanged, although there was a slight rise in UK motor rates. Of the €8.5bn that Munich Re had up for renewal on January 1, 91.3% was renewed. New business of €370m was written, while business worth €740m was not renewed. Premium volume overall was up by 2.6%, with the price level up by about 2% overall. The company said that it had achieved low double-digit increases for US natural catastrophe cover, and "appreciably higher" levels in Australia and Asia. Yesterday Hannover Re reported 60% increases in rates for Australia. Munich Re said that it had dropped some European property business, some traditional marine business and certain portfolios in non-proportional liability. Looking ahead to the April renewals, Munich Re said that in property business that is outside the loss-affected regions, and in casualty, it is proceeding on the assumption that prices will stabilize, with a trend towards slight increases.