Business Services Industry
Property market improves as rates decrease, terms ease.(Spotlight: Midyear Market Report)
Business Insurance, July, 2004 by Hofmann, Mark A.
Byline: MARK A. HOFMANN and GLORIA GONZALEZ It's not quite the good old days yet, but the hard property market that followed the destruction of the World Trade Center is rapidly receding. Double-digit rate decreases and improved terms and conditions are common during this year's midyear renewals.
Adequate capacity exists for most risks. Buyers are also benefiting from a lack of major catastrophes in the United States. "It's a very favorable environment for clients,'' said Gary Marchitello, the New York-based managing director-national property practice of Chicago-based Aon Corp. "Market conditions have improved greatly. We have seen, over the past six to 12 months, a reduction of about 20%'' in rates. Bob Howe, director-global property placement for...
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