Soft market conditions dominated the June renewal season, with discounts generally available across the commercial portfolio, according to major broker Marsh.

In its review of the latest renewal season, Marsh reports rate reductions of between 5-15% on property lines, with discounts particularly prevalent on large corporate accounts with a good claims history.

“There was strong competition for accounts with this type of risk profile as underwriters with significant appetite for new business put pressure on incumbent business,” Marsh Insurance Placement Manager Roger McCallum said.

Among smaller accounts, property rate reductions ranged from 5% for small-to-medium enterprises (SMEs) up to 7% for mid-tier accounts.

Public liability rates were also favourable to larger clients, with conditions flatter in the SME segment. The motor market is now largely flat after some insurers managed to push through increases last year.

Despite the competition for business, Mr McCallum says most primary or lead insurers were able to maintain their positions with changes generally limited to co-insurance and excess layer panels.

“Overall you would have to say that the great majority of underwriters were focused on retaining their portfolios and were prepared to fight to protect attractive accounts,” he said.

Deductibles and limits saw few changes in the June renewals, although some buyers used premium savings to ratchet up their limits on policies such as directors’ and officers’ (D&O) liability.

Marsh says conditions have continued to soften across professional lines, with D&O and professional indemnity insurance achieving discounts of up to 10% on larger accounts with a good claims history. Some exceptions remain, including financial services clients.

Rates for SMEs were flatter with 5-15% discounts available to mid-market buyers.