BY SOME accounts, the property-casualty insurance industry has just closed the books on one of its most successful years in the last 50. Record profits, fueled by a generally quiet hurricane season and overall national economic growth, have enabled many insurers to post superlative results. Underwriting success leads to more competition; if companies can write business profitably, they will try to write more of it. Underwriting success also draws additional capital into the market, increasing competition even more.
Consequently, the softening rates at the close of 2006 should not have come as a surprise. With rates expected to continue softening for the foreseeable future, agents and brokers need to address several important issues in 2007:
–How to differentiate themselves from their competition.
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