Trend | Range | |
---|---|---|
U.S. market | ||
Transit - Good loss experience | +2.5% to +7.5% | |
Transit - Marginal to poor loss experience | +15% and higher | |
Stock throughput - Good loss experience | +5% to 10% | |
Stock throughput - Marginal to poor loss experience | +15% and higher | |
London market | ||
Transit and stock throughput - Good loss experience | Flat to +5% | |
Transit and stock throughput - Marginal to poor loss experience | +10% and higher |
The hard market continues; however, renewed competition and enhanced growth targets in the marketplace have moderated upward rate movement in 2022. While rate increases are to be anticipated for incumbent renewals, reductions may be achievable in rare cases following a strategic marketing effort.
Underwriting discipline persists. Insurers remain focused on bottom-line profitability, with continued scrutiny of insuring terms and conditions and capacity deployed.
Vulnerabilities throughout the supply chain have become apparent during COVID-19 pandemic.
Cargo and stock throughput markets are challenged by catastrophic losses.
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