TAMPA, FL—Insurance rates are on the rise. Call it a perfect storm. A number of factors are driving up property premiums.

Indeed, Marsh reports global property insurance rates continued to firm in the first quarter of 2012. Despite the absence of major natural catastrophes during the first three months of the year, rates rose for both catastrophe-exposed and non-catastrophe exposed risks in most geographies.

“First, was the industry’s implementation of the new RMS Catastrophe Model, which increased carriers loss estimates by as much as 110%,” Matthew Harrell, managing director of Franklin Street Insurance Services, tells GlobeSt.com. “The new model was revised based on claims from Hurricane Ike which had a large number of unexpected roof failures in low wind speeds as well as excessive damage to inland areas due to lack of understanding and enforcement of building codes.”