Property and casualty insurance rates at renewal continued to rise in the fourth quarter, but at a slower pace than the previous two quarters, says insurance broker Marsh.
In its report, “Global Insurance Market Quarterly Briefing December 2012,” Marsh says renewal rates rose 1.2 percent during the fourth quarter, compared to 1.4 percent in the second and third quarters this year.
In a statement, Dean Klisura, Marsh's U.S. risk practices and specialties leader, says, “While Superstorm Sandy caused some insurers to suffer significant losses, we do not expect it to be a market-changing event. Insurers remain well capitalized with most of them unlikely to reduce their capacity in 2013.
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