The US commercial insurance market should be beneficial for buyers, with continued downward pressure on rates as well as steady demand for cyber insurance coverage, a trend that surged in 2015, according to the latest report from Marsh.
“With 2016 under way, the global insurance marketplace appears to be heading in the general direction of soft pricing, reflecting insurer capacity, competition, and relatively low catastrophe losses,” said Robert Bentley, president of Marsh’s US and Canada division. “Now, however, is not the time to be complacent. Organizations need to stay abreast of the ever-changing marketplace and risk landscape, where new and emerging risks can quickly escalate if not properly managed.”
Marsh cited auto liability as the “most challenging” on the casualty side, with single-digit rate increases and a rough market for the trucking business.
This story in an excerpt of the original. The content originally appeared in Cyber Front Page News.
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Erin is the managing editor of Advisen’s Front Page News. She has been covering property-casualty insurance since 2000. Previously, Erin served as editor-in-chief of The Standard, New England’s Insurance Weekly. Erin is based in Boston, Mass. Contact Erin at [email protected].
