The UK property insurance market is in transition and the pace of change is accelerating, indicates Marsh data. Rates are continually increasing, natural catastrophe exposures are under more scrutiny, and negotiations with insurers are taking longer.
Rates for multinational property and high-hazard UK risks have been subject to the highest increases, although Marsh data indicates that the UK-only market is also changing. Rate reductions are increasingly unlikely for all segments of the market. Substantive changes in market conditions will likely continue for the next 12 to 24 months, after many insurers reported average rate increases in excess of 10% for 2019.
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