NEW YORK–The property-casualty industry is entering an "invisible hard market" as exposures disappear in a contracting economy, which hides the bottom-line benefits of rising prices, the head of Marsh & McLennan Companies warned.
"We are in the beginning stages of a hardening market, but countervailing economic forces are turning this into our first 'invisible' hard market," according to Brian Duperreault, MMC's president and chief executive officer.
"When our market turns, it usually happens very clearly," Mr. Duperreault noted in his recent speech here before the annual joint meeting of the Association of Professional Insurance Women and the New York Chapter of CPCU. "Normally, when we stand in the doorway of a hardening market, we know it."
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