US liability rates drop amid pricing squeeze

US businesses that switched insurers when renewing workers'
compensation cover got a 7 percent drop in premium rates in the
first quarter, according to a report by US wholesaler Lockton.
Lockton said in its US P&C Market Update report that
underwriters are cutting rates on renewal in an attempt to retain
business.
The broking firm said that general liability rates were also
falling, although excess liability pricing has "bottomed
out".
Prices for high excess layers are already as low as...