The impact of Superstorm Sandy on Northeast commercial-property rates has waned, and the U.S. property market has continued to soften through the first nine months of 2013, according to a recent Marsh briefing.
"The surplus of capital among insurers and reinsurers continued to fuel overall softening in the property insurance market through the third quarter of 2013," Marsh says in "Benchmarking Trends: Capital Surplus Affecting Property Insurance Pricing."
The broker notes that average rates for large companies showed a slight increase in the third quarter, but overall have declined in 2013.
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