Marketscout announced true signs of an emerging hard market for the property/casualty industry. The industry showed consistent rate increases in 2012, ending the year with a 5-percent average rate increase on U.S. P&C business. This comes after seven years of a soft market.
"This market turn is not like the last hard market of 2001 to 2005 when rates spiked up as much as 30 percent in the early stages,” says Richard Kerr, CEO of MarketScout. “For the 2012 market turn, rates have adjusted slowly and steadily without any dramatic spikes. This slow and steady pace could foretell rate increases at a more sensible pace and for a longer period of time."
Register or login for access to this item and much more
All Digital Insurance content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access