Rates for commercial property insurance continued to firm in thesecond quarter, according to a report from global insurance broker Marsh. Among companies thatrenewed their property insurance during the second quarter, 61%paid increased rates, while 25% saw their rates decrease and 14%remained stable. The average rate for property insurance increased3.1% in the second quarter.
|Marsh clients with 25% or more of their total insurable value inearthquake or wind zones, also known as catastrophe exposure, sawgreater increases than average. Those with heavy catastropheexposure experienced increases of more than 20%.
|Total insurable values increased 1.9% on average for allaccounts. Moderate rate increases are expected to continue thisyear, according to the report.
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