In 2013 the insurance industry can expect continued average rate increases of below 10 percent along all lines of business, says Marla Donovan, vice president of product development at insurance wholesaler Burns & Wilcox. General Liability is up 3-5 percent, she says, and professional lines are not seeing any reductions.
Marsh reports Catastrophe Exposed Property increases of up to 10 percent for the U.S., the U.K., Japan, Australia and Germany in 2012—a trend it expects will continue.
Lockton says risks with good loss histories are seeing increases of between 2 percent and 6 percent. There are some exceptions, says Tim DeSett, executive vice president and risk practice leader at Lockton.
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