The cost of commercial property and business interruption cover remains at an historic low, according to the results of the second Airmic-Advisen benchmarking survey.
The report found that rates had mostly remained static across the board, with slightly more falls than increases.
Airmic technical director Paul Hopkin said: "This is the eighth year of benign conditions for buyers in this class of business, and one has to ask whether it can accurately be described as a soft market any more or whether it has perhaps become the ‘new normal'."
“The fact that even the recent spate of large natural and other catastrophes could not budge rates upwards suggests that they are likely to remain depressed for a while yet.”
Willis UK & Ireland chief placement officer Paul Maynard said: “Abundant capacity should ensure that premiums remain competitive for property and casualty business, and we expect these conditions to continue through to 2012.”
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
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