Property and casualty (P&C) rates are likely to continue to increase for some time, according to the chairman of American International Group (AIG).
Maurice Greenberg, speaking at a conference in New York, said AIG has been seeing rate increases of 40% to 60% in many commercial lines. He added that directors' & officers' (D&O) insurance rates continue to increase.
Property rate hikes were down to annual 15% rise, while AIG's foreign property-casualty business remains strong, he added.
He said the majority of new premiums in its property-casualty business had been driven by rate increases and not new policies.
