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Power Market Update 2016
Softening market conditions continue to prevail across most, if not all, product lines in the power generation sector and the property sector in particular. Although losses continue to occur, they have not proven disastrous for the market.
The latest Power and Utilities Market Update from Marsh’s international placement division, Bowring Marsh, analyzes current global insurance market conditions for power generation risks. It provides insight into changes within the property market, available capacity, and the underwriting approach of the world’s leading insurers across six regions: Asia, Bermuda, Europe, Latin America, the Middle East and Africa, and the United Kingdom.
Key findings include:
- Capacity remains stable at around US$4.25 billion globally.
- Market forces and over-supply of capacity has helped the competitive environment to continue.
- There is greater flexibility and quicker response times within the marketplace, as underwriters work hard to retain existing business and secure new opportunities.
- Downward pressure on rates is not expected to change significantly and terms and conditions remain broad.