Reinsurance rates fell across most lines of business and geographies at the Jan. 1, 2015, renewals, according to a report published Wednesday by Guy Carpenter & Co. L.L.C.

A lack of major catastrophes during 2014 coupled with a continued influx of capacity from nontraditional sources served to increase competition among reinsurers and give cedents access to broader terms and conditions, according to the report, “Shaping the Future: Positive Results, Excess Capital and Diversification.”

Guy Carpenter said its global property catastrophe reinsurance rate-on-line index fell by 11% at the Jan. 1 renewals.

And rate reductions were seen across many other lines of business where diversification by reinsurers led to increased competition, it said.

“Market conditions that continue to bring downward pressure on pricing are being met with tremendous, client-focused innovation,” said Lara Mowery, global head of property specialty at Guy Carpenter, in a statement.

“The result has been a customized approach with expanded product offerings and terms and conditions that benefit our clients,” she added.

Clients most commonly sought improved terms and conditions in the form of extended hours clauses, reinstatement terms, the addition of nonmodeled lines of business and expanded coverage for terrorism exposures, according to the report.

The use of convergence capital made up about 18% of the total catastrophe limit, or £60 billion ($92 billion), according to the report, compared with 15% at the end of 2013.

“The sustained influx of capital from new entrants and growth from traditional sources continues to reshape the reinsurance landscape’s capital structure and drive innovation in the form of insurance-linked securities and collateralized aggregate solutions,” said David Priebe, vice chairman of Guy Carpenter, in the statement.

“We are also seeing reinsurers execute strategic decisions through the utilization of third-party capital facilities and mergers and acquisitions activity in response to new market realities, which is further blurring the lines between alternative and traditional markets,” he added.