Softening insurance rates are now a global phenomenon as insurers throughout the world see premium price declines and intense competition in all lines of business, according to a brokerage concern.
Representatives from Marsh insurance brokerage firm in a teleconference today said in the first quarter there is widespread softening except where significant losses or catastrophe exposures are concerned.
The U.S. insurance market is not alone as other parts of the globe are realizing rate decreases that are greater than here, said one executive.
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