Rates for umbrella coverage and excess liability trended downward in the U.S. in the first quarter of 2014, according to a report released this week by Marsh.
"Strong competition among insurers contributed to a general softening of US umbrella and excess liability rates in the first quarter of 2014," the insurance broker wrote, "despite ongoing concern among underwriters about large losses in auto, product liability, and other areas."
According to Marsh, umbrella and excess rates increased 3.1% on average in the first quarter, the second-lowest rate of increase in nearly two years. Rate changes for most insureds hovered in the low single digits, although results varied significantly for individual clients, depending on industry, loss history, and other risk factors. Some insureds experienced rate increases or decreases of as much as 20%.
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