Commercial insurance rates are expected to decrease across 10 lines in 2016, according to a report published last week by Willis North America, the New York City-based risk advisory, reinsurance broking and human capital and benefits company.
These decreases are expected despite recent consolidation among large insurance carriers.
“As two companies become one, the marketplace offers one less piece with which to solve the puzzle of an insurance program. … But a smaller market with fewer, larger players also opens up the field to new comers that can focus on smaller, specialized niches in areas of potential growth. So consolidation often yields its opposite by thinning the competition and encouraging the emergence of new puzzle pieces,” Matt Keeping, Willis North America's chief broking officer, said in the report.
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