The global insurance market has withstood one of its periods in decades, Willis said in its international liability review today.
The review said the market peaked after the property market, but the effect of the turn was less dramatic than was originally anticipated.
Willis predicted that liability rates would be flat in the second half of 2004, however, the review said “this was borne out in practice.”
Global regional variations were evident, with the London market showing more interest in central and South American based risks, it said.
The review also said that there were certain industry sectors where a cycle was not being followed. It cited pharmaceutical companies as experiencing “difficulties” while the energy and transport sectors remained relatively firm.
