Marsh says competition is increasing in the U.S. property insurance market, but property owners still paid more for insurance. Renewals for 52 percent of clients went up during the second quarter, down from 55 percent during the first quarter. “Insureds in the Northeast that had not yet renewed their property insurance programs since Superstorm Sandy faced greater scrutiny, particularly around deductibles and other coverage terms,” Marsh observes.

“Despite rate increases in several lines of business in the U.S., insurers are competing aggressively for profitable business, and the market continues to experience an influx of new capacity,” says Dean Klisura, Marsh’s US Risk Practices and Specialties leader, in a statement. “All of this is resulting in generally favorable market conditions for most clients.”

Outside the U.S., clients benefitted from a drop in rates of about 1-3 percent. Last quarter rates decreased an average of about 1 percent away from the U.S.

Financial institutions in parts of the Eurozone saw liability rate increases during the second quarter, with rates up on average between 10-20 percent in Italy, for instance, says Marsh. Rates typically renewed flat to up 10% in France and Spain.

Looking at international property rates, March says rates in countries that have experienced major losses in recent years have stabilized or are declining, but remain higher than before the large losses. In many regions new capacity has increased diversification and competition.