Even though buyers of specialty insurance products stand to benefit from lower-priced insurance in a softening property-casualty insurance market, history reveals carrier customer service trends can be detrimental to their interests.
The latest projections by industry professionals indicate that U.S. commercial property-casualty market premiums will continue to shrink or remain stagnant, pressuring prices through 2008.
While the U.S. economy in 2007 and early 2008 struggled, the insurance industry's performance has not deteriorated as quickly as other financial sectors. Buyers, of course, are the clear short-term winners in the current market of slowing premium growth.
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