U.S. property insurance rates are showing signs of softening partly due to increased capacity including growing interest from Chinese insurance companies, says an executive from Marsh. However, Chinese carriers' willingness to pay claims in the face of a major loss event has yet to be tested.
During a webinar, "Midyear 2013 Insurance Market Update," Duncan Ellis, Marsh's U.S. property practice leader, says carriers continue to push for rate, but increased competition and capacity, as well as the lack of a major loss through the first half of this year has translated translates into rates being "flat or down in many cases."
Carriers are still obtaining increases on select exposures, but in the single digits—"even in the traditional catastrophe-exposed regions," Ellils adds.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
