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The Hard Market Has Legs

Anyone who thought the hard market couldn’t last is in for a rude awakening. As this week’s “2003 Insurance Renewal Report” reveals, prices will keep rising and terms will remain tight for the near future. Indeed, such conditions could continue on for the next couple of years.

Those who accuse the industry of price gouging are off base. For one, much of what the industry is gaining in premium volume, it is losing in investment income, thanks to a lackluster stock market and low interest rates. In addition, huge losses loom on asbestos, mold and terrorism. Thus, reserves must be strengthened.

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