Willis Group Predicts Overall P&C Rate Decreases in 2015, Increases for some States

Willis Group Holdings, an international risk advisor and insurance and reinsurance brokerage, is predicting price decreases in the property and casualty market in 2015. For workers' compensation insurance, the group predicted rate changes between a 5% decrease and a 5% increase, although some large state markets post likely increases. In its semi-annual "Marketplace Realities" report, Willis suggested that California might see an increase of about 8%. Other states with potentials for price hardening include New York, Massachusetts and Pennsylvania. California's indepen...