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.

Top Story

5 things drivers need to know before working for a ridesharing service

Uber, Lyft and Sidecar drivers pose major insurance risks to passengers and themselves.

Top Story

Cyber risk jumps to No. 2 on Travelers Business Risk Index

Up from fifth place last year, cyber risks ranked as the second biggest concern for all businesses.

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.