Competition has done little to reduce insurance rates for large risks with coastal or earthquake exposure, but reinsurance rates may show some slight improvement this year, according to a brokerage firm's report.
That analysis comes from NAPCO, an Edison, N.J.-based wholesale brokerage, in a report written by David Pagoumian, NAPCO president and chief operating officer.
The NAPCO examination of the large property market found that for cat-prone areas insurers have “simply tempered rate increases” and loosened some terms and conditions to retain accounts, despite coffers brimming with capital and increased competition.
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