The biggest concern for insurance buyers in 2007 continues to be unpredictable pricing and a lack of competition for coverage of catastrophe risks, one leading brokerage contends.
During the renewal process, buyers with cat exposures have faced restrictions in terms and conditions, reduced capacity, increased pricing and increased retentions, according to Duncan C Ellis, managing director of the property and international practice with Marsh in New York.
Despite the benign 2006 storm season, some insurers "continue to pull out or reassess their exposures…in coastal areas," Mr. Ellis noted during a recent webinar on "Preparing for the 2007 Hurricane Season & Insurance-Market Update."
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