Insurance broker Aon says insureds can expect Commercial Property rates to continue their modest rise through the first half of 2013, with Superstorm Sandy victims bearing the brunt of that increase.
In its "2013 U.S. Insurance Market Overview: Year in Review and Forecast-Property," Aon says accounts can expect rates to rise up to 10 percent. Property risks without Gulf of Mexico and East Coast exposures can expect flatter rates and possibly some modest market competition for non-catastrophe-exposed business.
Rates were up 2.8 percent in 2012 compared to 2011, the report notes, and national accounts rose 5.3 percent because they tend to have higher natural-catastrophe exposures. National accounts have experienced rate increases for slightly longer than the rest of the Property market—a total of six quarters, compared to five for all Property risks.
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