Professional indemnity (PI) rates will continue to rise, Markel International chief administrative officer Richie Whitt forecasts.
All types of PI risk could see increases of between 5% and 15% - e ...
Professional indemnity (PI) rates will continue to rise, Markel International chief administrative officer Richie Whitt forecasts.
All types of PI risk could see increases of between 5% and 15% - even if such increases represented a declining rate of increase.
"That seems very reasonable based on the prices we are getting today," Whitt said.
He was prepared to continue writing marine business despite a trend towards softening prices, but hoped that aviation rates would "solidify at their current levels".
He added: "We still believe rates are sufficient to generate the returns we are looking for. But people need to be more selective at this point in the market."
Markel International, the group's London market operation, reported combined ratios of 101% and 102% for the third quarter and first nine months, respectively, against 106% and 108% at the same point last year.
Whitt said the insurer hoped to hit an underwriting profit in the fourth quarter or early in 2004.
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