Cat losses, lack of competition to drive insurance rates: Willis

A report said that insurance rates are likely to rise in New Zealand this year due to increased regulatory oversight, lack of competition and global catastrophe losses, Asia Insurance Review reported. The report by U.K.-based insurance broker Willis Towers Watson P.L.C. said that insurers are likely to write business selectively and increase risk evaluation in property, directors' and officers' liability and professional indemnity among other segments.

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