The withdrawal by American International Group Inc. from few monoline site pollution markets “will result in increased competition” as other carriers look to select the displaced business, losses arising from the explosion previous August in the Chinese port of Tianjin could reach $6 billion and few retailers could hope cyber insurance rates to rise 30 percent this year, Willis Towers Watson plc said in a report declared Thursday.
In Marketplace Realities 2016 Spring Update,Willis Towers Watson disclosed its predictions on rate changes for several commercial lines this year. All dollar figures are in U.S. currency.
“Cyber renewals are seeing primary premiums increases of 5 percent to 15 percent for most buyers and 15 percent to 30 percent for [point of sale] retailers and huge health care companies with no losses – with extra increases on excess lawyers,” claimed Willis Towers Watson, formed by the recent merger of commercial brokerage Willis Group plc with Towers Watson & Co.
Overall, “soft prices” prevail in the year 2016, Willis Towers Watson said in the report, edited by Matt Keeping, New York City-based head of broking for North America.
“While a slight majority of lines are yet observing decreases, the level of those decreases is smaller,” the firm further added.
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