An insurance industry economist said losses from Hurricane Katrina will not change the overall soft market cycle, though locally, some hardening may result from the storm.
Robert P. Hartwig, vice president and chief economist with the Insurance Information Institute Inc., in New York, said he did not see a change in the soft market cycle, noting there is still plenty of capacity available globally in the insurance market.
He noted that the industry suffered $23 billion in insured losses last year from four hurricanes and that did not affect the cycle.
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