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Rates rising for June renewals, brokers say

Underwriters have pushed through moderate rate increases in the June 30 renewals season, according to brokers.

Arthur J Gallagher says the transition from a soft market began early this year and premiums are now hardening “across multiple classes”.

Perth-based Leed Risk Services MD Con Manetas told small rate increases, tougher underwriting criteria and restrictions on policy wordings are all in evidence this renewal.

“Those things together are usually a sure sign the market has bottomed out,” he said.

Mr Manetas says rates are up 0-5% in the SME sector and 0-10% in the middle corporate space.

More details in ANALYSIS.

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