In its annual review of the global market, Willis Group Holdings said trading conditions were continuing to soften.
The review, Marketplace and Risk Management Solutions, is comprised of contributions from Willis' leading experts on how the industry will develop in 2005.
The company said its key findings were:
·Virtually all market segment were described as “soft” or “softening”
·2004 Atlantic hurricane season and Asian tsunami have not seriously impaired marketplace capacity
·The turn in the market cycle has been marked by continued underwriting discipline in the treatment of terms and conditions, deductibles and retentions, catastrophe risk exposures, interdependencies and corporate governance
·Insureds should establish priorities in negotiating policy terms and conditions, creating positive differentiation is paramount
