The U.S. property and casualty market appears to be experiencing a scene from the movie “Groundhog Day,” operating in a market where little has changed from a year ago, notes A. M. Best in its 2011 Review & Preview report for the insurance industry. How P&C carriers may respond, however, reflects a market where change will be mandatory.
The report asserts that the majority of the industry remains in the throws of a soft market cycle, with pricing relatively unchanged, competition high and the economy weak. “No event, natural or manmade, has been significant enough to change the course of the cycle or bring those maneuvering through it to the finish line,” note the report’s authors, Michelle Baurkot, AVP, and Edward Keane, senior financial analyst.
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