The property/casualty industry will not likely experience a traditional hard market in 2012 or 2013, despite recent rate increases, according to Robert Hartwig, president and economist of the Insurance Information Institute, who spoke to a group of reinsurance actuaries at the Casualty Actuarial Society’s Seminar on Reinsurance.

Hartwig noted four necessary criteria for a hard market, one marked by sharply rising rates in excess of 10 to 15 percent.

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