Rates continue to soften according to Marsh

The figures are based on business placed by Marsh, on behalf of large UK corporates, in what is traditionally the highest volume quarter of the year. They show that rates fell in both property and liability lines: on average, property rates fell by 0.5%, Employers' Liability rates by 4% and Public Liability by 3.5%.

Commenting on the findings, Tim Pritchard, Marsh's UK placement leader, said: "Despite rising claims, competition to maintain market share and new entrants into some lines of business