Soft power rates hide harder BI lead-time problem, Willis warns
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Willis’s power market review says rates have fallen for two years (cuts up to ~40%), but transformer, turbine, and generator lead times have nearly doubled since 2021, so 12–24 month BI indemnity periods may no longer match real recovery. Soft-market renewals should reset limits, deductibles, and BI assumptions against current OEM lead times—not just bank the premium reduction. | Source: https://www.insurancebusinessmag.com/au/news/breaking-news/soft-power-insurance-market-hides-a-harder-renewal-problem-589786.aspx