Willis report predicts further insurance rate softening in power sector
Insurance rates in the power sector are expected to soften further in 2010, despite the existence of many of the conditions that would normally lead to a hardening market, according to the latest Power Market Review from Willis.
The report stated that foremost among these conditions is the steady stream of losses associated with generating equipment. Insurers continue to suffer attritional machinery breakdown claims, especially for combined cycle gas turbine failures, while "mega claims" (defined as a claim of more than US $100m) now seem to be an established feature of the power sector. Willis found that, over a 10 year period ending in 2008, such claims accounted for only 3% of the total number of losses, but 43%, or
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