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Soft market for insurance buyers: Marsh Australia

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Marsh Australia said insurance buyers in Australia are benefiting from soft market conditions and increased competition among insurers, Asia Insurance Review reported.

The report, Insurance Market Midyear Update, said a record level of capital in the re/insurance industry has increased competitive pressures among property insurers to extraordinary levels.

Companies are offering multi-year agreements and, as is usual in soft market cycles, "multi-line packaged deals have been negotiated,” the report said.

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