Benchmarking Trends: Property Insurance Market Remained Stable in First Quarter

Though the second-costliest storm in US history, Superstorm Sandy has not been a market-changing event in terms of rates; yet underwriters are scrutinizing terms and conditions.

Though the second-costliest storm in US history, Superstorm Sandy has not been a market-changing event.

The property insurance market remained relatively stable and competitive in the first quarter of 2013, with few changes to limits purchased and deductibles.

Despite being the second-costliest storm in US history, Superstorm Sandy, which hit the Northeast in the fall of 2012, has not been a market-changing event in terms of rates. It has, however, prompted underwriters to closely scrutinize terms and conditions — particularly those related to flood and storm surge.