By and large, insurance buyers will find a more favorable rate environment these days when renewing their General Liability coverage.
Rates for most risks will be flat to a couple of percentage points higher at renewal, says Daniel E. Aronson, a New York-based managing director and U.S. primary casualty placement leader at Marsh USA. Insurers may be seeking a little heftier rate increases, but those will be difficult to obtain from good risks because there's so much more competition in the market due to increased capacity and competition.
In Q1 2014, Willis reported countrywide average primary GL rate increases at +2.5%, down from the prior quarter's +3.2% and +4.4% year over year. Average rates for national accounts slipped to +1.3% to +1.6% from about +3.0% in December 2013.
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