RJ and Makay

So far, the earthquake and tsunami in Japan have not affected property-casualty (P&C) insurance costs for U.S. policyholders, reports industry expert Alfred Tobin, managing director of Aon Risk Solutions. According to Tobin, U.S. insurers have not raised rates or issued rate recissions on policies coming up for renewal April 1, the biggest day for P&C renewals.

“Carriers behaved well, but we have a few exceptions,” relates Tobin, though he's not naming names. Rate quotes issued in the first quarter of this year have mirrored those for all of 2010, with single-digit reductions the norm, he says.