Benchmarking Trends: US Umbrella and Excess Liability Rates Soften
Strong competition among insurers contributed to a general softening of US excess liability rates in the first quarter of 2014.
Although market conditions generally are favorable, insureds should continue to differentiate their accounts.
Strong competition among insurers contributed to a general softening of US umbrella and excess liability rates in the first quarter of 2014, despite ongoing concern among underwriters about large losses in auto, product liability, and other areas. On average, umbrella and excess rates increased 3.1% in the first quarter, which was the second lowest rate of increase in nearly two years, according to a data analysis by Marsh Global Analytics.
Rate changes for most insureds hovered in the low single digits, although results varied significantly for individual clients, depending on industry, loss history, and other risk factors. Some insureds experienced rate increases or decreases of as much as 20%.
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