International construction, P&C rates fall as capacity, competition remain high

Commercial-insurance buyers for international construction and some property and casualty coverages are seeing rate reductions of up to 30% through the first half of 2014, thanks to overcapacity in the marketplace.

By Phil Gusman | Updated on July 15, 2014

Commercial-insurance buyers for international construction and some property and casualty coverages are seeing rate reductions of up to 30% through the first half of 2014, thanks to overcapacity in the marketplace.

A Willis Group Holdings report, “Willis Q3 2014 Construction, Property & Casualty Market Review,” says benign loss activity combined with a softening global reinsurance market that is having a trickle-down effect in the primary market are pressuring rates.

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