Commercial property rates are anticipated to decline an average of 10 to 12 percent for non-catastrophe-exposed risks, and risks exposed to hurricanes and natural catastrophes likely will decline 5 to 10 percent, as a result of an influx of alternative capital to the insurance industry, according to the semi-annual 2014 “Marketplace Realities” report from Willis Group Holdings plc, a global risk advisor, insurance and reinsurance broker.
“The reaction has not been all positive, to say the least, especially with respect to the new sources of capital,” said Eric Joost, COO of Willis North America and senior editor of the report. “We see clear benefits to these new vehicles, because our perspective is really that of our clients. For our clients insurance buyers the increase in supply of capital makes a more inviting marketplace,” he added.
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