With the property-casualty insurance industry in the throes of another softening market, a wider range of traditional carriers are entering the public risk arena in an effort to gain new marketing outlets, underwriters here observed.
"In a softening market, you see commercial insurers coming into the public entity sector and trying to take members away from [pooling mechanisms]," said Craig R. Smiddy, senior vice president at Munich-American Risk Partners in Princeton, N.J., an exhibitor here at the Public Risk Management Association's annual conference.
Mr. Smiddy explained that after the market hardening in 2001, more public entities moved into self-insured pools. Softening in the traditional market, however, has generated more interest in public entities among commercial insurers, he noted.
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