The upward climb in property insurance rates has suddenly reversed course thanks to abundant capacity and continued light catastrophe losses, says Willis North America.
The insurance broker, a unit of Willis Group Holdings, revised its property rates forecast for the second half of this year predicting prices will decrease by 5-10 percent for non-catastrophe exposed accounts and remain flat or decrease up to 5 percent for catastrophe accounts.
Willis says its previous report, published in April, found rates for catastrophe exposed accounts were flat or increasing by 5 percent.
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