Market Keeps Softening; ART Clout Rising
An annual survey of insurance buyers confirms that the market continued to soften during the first quarter of this year, especially in two major lines, but it also disclosed that the growing alternative market has caused a “fundamental shift in the infrastructure” of the overall insurance industry.
“What jumps out is documenting the turn in the rate increases and the fact that the rate of those increases has fallen off substantially,” said David Bradford, executive vice president of Advisen Ltd., the New York-based consulting firm that summarized the latest data from the Risk and Insurance Management Society's “Benchmark Survey.”
Although the market has softened for both property and general liability coverage, Mr. Bradford told National Underwriter that those lines hardest hit during the hard market were directors and officers policies and fiduciary liability with increases up to 300 percent.
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