Credit crunch may accelerate hardening market
Insurance rates across most lines of business in the Europe, Middle East and Africa (EMEA) region continued to soften in the first half of 2008 according to a report released today by Marsh.
However, the report also identified trends being accelerated by the credit crunch that suggest that the market may harden in the near future.
In most lines of business the overall EMEA insurance market continued to soften due to strong competition. However, as a result of the global credit crunch and financial market turmoil since Q4 2007, trade credit insurance loss ratios increased and the market hardened.
Jeremy Cooke, head of global market relationship management at Marsh, said: “Trade
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