Despite the lack of traditional signs of a hard market, such as a lack of uniformity in price increases, plentiful capacity, and intense competition, U.S. commercial insurance rates are expected to continue firming, according to Marsh’s “US Insurance Market Report 2013,” as above-average losses, diminished investment returns and receding reserve releases in many lines of business and industry sectors affect insurers.
“Many of our clients will face challenging renewals across several lines and industries in 2013, as insurers continue to adjust their pricing and coverage offered to maintain profitability,” said David Bidmead, Marsh’s U.S. CEO. “Clients that effectively differentiate themselves from their peers by providing complete underwriting submissions with accurate and high-quality data will be best positioned to secure more favorable terms, conditions, and pricing where possible.”
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