Insurance rates still soft in most sectors: Jardine Lloyd Thompson

LONDON—Insurance rates continue to be soft across most sectors, according to London-based brokerage Jardine Lloyd Thompson Group P.L.C.

In its interim management statement for the period July 1 to Nov. 7, published Tuesday, JLT said it had seen strong organic growth from its risk and insurance business from Latin America and Asia, but that conditions in more developed markets, such as Europe, have been more challenging.

The London-based brokerage said, however, that after a series of catastrophe losses, the London insurance market, particularly the Lloyd's of London market, “appears to be less receptive to further rate reductions.”

JLT said its employee benefits business has seen organic growth in line with the company's expectations.

“This is despite a trading environment in which clients are reducing discretionary spending, coupled with the general impact of rising unemployment,” the company said.