Marsh said customers are continuing to see the benefits of a soft market with flat to reduced renewal rates over the past month, but the rate of reduction appears to be tapering off.
In a panel discussion titled "New Reality of Risk," broadcast over the Web, George Biancardi, head of financial institution practice for Marsh and McLennan Companies, said an analysis of renewals during the period Oct. 2 to Nov. 1 found that 61 percent of Marsh's accounts experienced either no increase or a slight reduction.
The average reduction for its clients was 1.2 percent, compared to 5.4 percent reduction in prior months. For the same period last year, clients saw a 13 percent reduction in rates. In 2004, he continued, rate reductions averaged 15 percent.
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