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Global Insurance Rates Continue to Firm: Marsh

Broker says first-quarter hardening led by major lines in the U.S.

Insurance broker Marsh says global insurance rates continued to firm during the first quarter. According to its Global Insurance Market Quarterly Briefing, the first three months of 2013 marked the fifth consecutive quarter of global rate increases.

In the U.S., most major insurance lines saw increases of between 2 percent and 4 percent, while rates decreased an average of about 1 percent outside the U.S.

Marsh notes that insurers have restricted coverage for flood-exposed property in the aftermath of Superstorm Sandy. Insurance carriers are pushing for rate increases, especially in the Northeast, says Marsh.

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