Willis Re’s July renewal report sees flat/falling liability rates

Insurance rates on the original business continue to be flat or falling for UK general third party liability insurance, according to the Willis Re 1st View 1 July renewals report. It found that reinsurance capacity for UK general third party liability remains plentiful, largely because rein-surers see the class as being a safe haven from motor and professional/financial classes. Hence rate reductions, which while they are unlikely to be strictly justified from a technical angle, remain a realistic target from a supply-demand perspective, said Willis Re.