Commercial-insurance buyers for international construction and some property and casualty coverages are seeing rate reductions of up to 30% through the first half of 2014, thanks to overcapacity in the marketplace.
A Willis Group Holdings report, “Willis Q3 2014 Construction, Property & Casualty Market Review,” says benign loss activity combined with a softening global reinsurance market that is having a trickle-down effect in the primary market are pressuring rates.
For international construction, Willis says a reduction in construction projects in many parts of the world has intensified competition. Additionally, insurers are not withdrawing from the market, leaving capacity at an all-time high, creating an environment for more favorable rates for buyers.
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