No market wide increase in rates as hardening remains elusive
Despite record level first-quarter catastrophe losses, insurance rate increases were confined to loss-affected exposures, according to research published by Marsh.
In regions and for classes of business not affected by recent losses, there was little change in market conditions in the first quarter of 2011 as overall insurance capacity remains plentiful, especially for new business, according to Marsh’s Spring 2011 Insurance Market Update.
In addition, property rate reductions may still be generally achievable, though more difficult to obtain. Organisations with catastrophe exposures, especially those situated in regions affected by recent events, however
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