Despite two major hurricanes and a global credit crisis, the relentless decline in commercial insurance prices continued in the third quarter, according to a survey of insurance buyers.
The Risk and Insurance Management Society Benchmark Survey of policy renewal prices, as reported by North American corporate risk managers, also found that lower insurance industry net income may signal a coming turn in the pricing cycle.
"Frankly, the industry was pretty, and still remains somewhat over capitalized--it was very capitalized," Dave Bradford, executive vice president at Advisen, which conducts the survey, told National Underwriter. "So it's going to take a couple of quarters of losses before we ring out that excess capitalization."
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