In the face of a record catastrophe season, state residual markets need to take a dose of reality and think about increasing premiums to reflect risk or face serious trouble in the future, an industry economist said.

Robert P. Hartwig, vice president and chief economist for the Insurance Information Institute in New York, said the reality of the catastrophic losses the insurance industry has experienced this year from hurricanes will mean higher rates for homeowners and commercial clients for years to come. He said strains from the losses will mean primary insurers have to increase premiums and re-examine their risk appetites in the wind-exposed regions.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.


  • All news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including and

Already have an account?


Complex Claims & Litigation Forum 2023Event

Aimed to help Insurers prevent, prepare and prevail In adjudicating complex claims, negotiating settlements and winning cases.

Get More Information


Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join now!

  • Unlimited access to - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including, and
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2022 ALM Global, LLC. All Rights Reserved.