Hard-Market Forecast? Not So Fast

One reason observers may be a little hesitant about conclusively calling a hardening market today is due to incorrect predictions of a market turn in 2008, when the financial crisis hit.

“Some industry spokesmen jumped the gun toward the end of 2008 and declared that the soft-market conditions had come to an end. What actually happened, though, was the opposite,” insurance-broker Willis noted in a Dec. 8 report that focused primarily on the energy-insurance sector.

Willis said new capital entered the market in ’08 and the financial crisis reduced buyer demand, prolonging the soft market. Now, the Eurozone crisis and the still-challenged U.S. economy present similar challenges to market-hardening.

Featured Video

Most Recent Videos

Video Library ››

Top Story

Will the auto insurance industry be obsolete in 20 years?

Self-driving cars and ride-sharing services could be the start of a trend toward the end of auto insurance as we know it.

Top Story

3 keys to a successful workers’ compensation fraud investigation

Workers' comp fraud is growing – here are the red flags to look for.

More Resources

Comments

eNewsletter Sign Up

PropertyCasualty360 Daily eNews

Get P&C insurance news to stay ahead of the competition in one concise format - FREE. Sign Up Now!

Mobile Phone

Advertisement. Closing in 15 seconds.