US rates up 12% in Q1 as insurers stick to ‘strict approach’ on T&Cs: Marsh
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US rates up 12% in Q1 as insurers stick to ‘strict approach’ on T&Cs: Marsh

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US insurance rates rose by 12% in the US during Q1 as insurers continued to impose a “strict approach” on terms and conditions, according to Marsh’s quarterly pricing index.

The clampdown on T&Cs included deductibles, non-physical damage cyber, communicable disease exclusions and time element extensions.

Because insurers are managing their line sizes for secondary cat perils, capacity has significantly reduced, negatively impacting the portfolios of clients predominantly exposed to...

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