Filed Under:Agent Broker, E&S/Specialty Business

Rate Decreases Ahead for 2013, Says Willis

The upward climb in property insurance rates has suddenly reversed course thanks to abundant capacity and continued light catastrophe losses, says Willis North America.

The insurance broker, a unit of Willis Group Holdings, revised its property rates forecast for the second half of this year predicting prices will decrease by 5-10 percent for non-catastrophe exposed accounts and remain flat or decrease up to 5 percent for catastrophe accounts.

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