NU Online News Service, May 3, 3:15 p.m. EDT
Insurance rates are showing signs of stability despite the catastrophe losses earlier this year, but catastrophe-exposed risks in North America will probably see increases in the mid-single-percent range, according to a report from Willis Group Holdings.
In its 2011 Spring Market Update report, Willis notes that the impact from the earthquake in Japan, as devastating as it was, has had a limited effect on the insurance market because insurance penetration was not that deep. However, a devastating hurricane event in the United States could have a significant impact on insurers because the insurance penetration is deeper.
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