Global Insurance Market Quarterly Briefing: Q1 2012
Published: 10-Apr- 2012 | Comments: 1
The global property insurance market showed signs of firming in the first quarter of 2012 as insurers attempted to recoup losses incurred from
extensive catastrophes in 2011. In 2011, catastrophe-exposed risks typically experienced premium rate increases, while rates remained generally flat for
insureds without such exposures. In the first quarter of 2012, however, rates generally rose in both classes in most geographies.
Rates are likely to rise
moderately for both catastrophe
and non catastrophe-exposed
risks, despite an absence of
major losses in Q1.
According to the report:
- Insurers are more wary about
writing contingent business
interruption coverage following
last year’s losses.
- Capacity remains plentiful with no
significant withdrawal in Q1.
- More U.S. insureds saw rate
increases than decreases or flat
renewals for property risks.