Property/casualty insurance markets are hardening and likely will continue to do so for a year or more, according to the “Property & Casualty Insurance CFO Survey” by Towers Watson, a global professional services company.
The percentage of CFOs who characterized the property market as “hardening, hard or at the top of the cycle,” increased by nearly 30-percentage points compared to two years ago, reaching 75 percent. The percentage of CFOs who characterized the casualty market as “hardening, hard or at the top of the cycle,” increased by 52-percentage points, compared to the previous survey, to 65 percent. According to 15 percent, the property market is softening, and 10 percent said the casualty market is softening. Most respondents, 51 percent for property and 52 percent for casualty, said the markets would continue hardening for the next one to two years.
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