Rate increases spur speculation over hardening market in 2008

Rate increases implemented in the latter half of 2007 have had little, if any, impact on retention levels, leading some insurers to make tentative forecasts of a hardening market in 2008.

The predictions came after Norwich Union (NU) confirmed that its November renewals had indicated that clients were not being scared off by rate increases, and that its motor book in particular was in "rate growth".

Janice Deakin, director of trading at NU, said: "In commercial property, commercial motor and comme

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