The first quarter of 2013 saw few changes to limits purchased or deductibles in the property-insurance market, which remained relatively stable and competitive, according to a new briefing from Marsh's U.S. Property practice.

Property-insurance limits and deductibles remain stable, the broker says, indicating a competitive marketplace—with the exception of clients in the Northeast and those with significant flood exposures.

Despite being the second-costliest storm in U.S. history, however, Superstorm Sandy has not thus far proven to be a market-changer in terms of rates. Still, it has prompted underwriters to more intensely scrutinize terms and conditions, particularly those related to flood and storm surge. Average rates for renewal in Q1 were up 3.8 percent for clients without catastrophe exposures; nearly flat for moderately catastrophe-exposed programs; and up 3.6 percent for those with significant cat exposures.

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