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Member, Beacon International Group, Ltd.
Australian brokerage network Austbrokers Holdings Ltd. has said that commercial insurance rate declines are slowing and it expects rates start climbing at the end of 2016 fiscal year, The Sydney Morning Herald reported.
Factors such as stiffening competition, cheaper reinsurance and absence of natural catastrophes have led to a decline in commercial insurance rates in the country in the last 12 months. Austbrokers' net profits increased 0.7% to $34.9 million Australian ($25million) for the year to June 30.