LAHAINA, HAWAII–There will be a solution to the insurance scarcity hitting property risks along the Gulf of Mexico, but it will take time and market adjustments to find the correct rate for the risks, according to wholesale brokerage experts.

Their observations came during a press briefing with the leadership of the American Association of Managing General Agents during its 80th annual meeting held here.

“First and foremost, this is a crisis,” said Tom Albrecht, president and chief executive officer of The Barclay Agency in Montgomery, Ala., and soon to be president-elect of the AAMGA. “The first reaction from a lot of carriers has been to withdraw, but they will come back over time.”

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