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There is near universal agreement that carriers are achieving rate increases for property and casualty business, but analysts and company and brokerage executives struggle to say what can be expected over the long term as the industry appears to be in new territory from a pricing cycle standpoint.

Despite all the catastrophes of 2011, the year as a whole was income-statement-drivenan earnings eventrather than a capital-and-surplus event.

Analysts agree that a drop in P&C reserve releases is inevitable as years of soft-market pricing catch up with loss realitiesand one report questions 2011 releases from recent accident years for longer-tail commercial lines.

ALIRT Insurance Research breaks down insurers' performance in 2012's first quarter.

Analysts agree that a drop in property and casualty reserve releases is inevitable as soft-market pricing catches up with loss realities, and one report questions 2011 releases from recent accident years for longer-tail commercial lines.

Despite all the catastrophes of 2011, the year as a whole was income statement-drivenan earnings eventrather than a capital and surplus event.

Rates are rising, multiple studies agreeeven global-property rates in non-catastrophe-exposed areas. But at least one firm, ALIRT Insurance Research, maintains the industry has not yet reached its tipping point for a hard-market turn.

P&C insurance rates are on the upswing but there is no concrete evidence that the end of the soft market spells a hard market turn because financial indicators have not reached a tipping point.