NZ market hardening, say brokers
Premium rates in the New Zealand market are hardening across the board, according to brokers at the IBANZ conference.
Although there are no official figures or surveys available, brokers questioned by insuranceNEWS.com.au say there are no major influences holding the market back from a correction.
“In personal and commercial lines there are plenty of signs of the beginnings of a gradual rise in rates,” one broker said. “It’s not unexpected and all the insurers seem to be involved. There’s no holding back.”
The country’s economy is reportedly in the first stages of a recession, and the brokers say the rises are logical and expected. Liability lines are rising more slowly than property.
Although there are no official figures or surveys available, brokers questioned by insuranceNEWS.com.au say there are no major influences holding the market back from a correction.
“In personal and commercial lines there are plenty of signs of the beginnings of a gradual rise in rates,” one broker said. “It’s not unexpected and all the insurers seem to be involved. There’s no holding back.”
The country’s economy is reportedly in the first stages of a recession, and the brokers say the rises are logical and expected. Liability lines are rising more slowly than property.