The Insurance Groundhog popped out of his hole on schedule this morning, but to the disappointment of carriers as well as their agents and brokers, but to the joy of risk managers, our furry friend did not see any substantially hardening market by spring–or perhaps even by fall, for that matter!
As I indicated, whether this is good news or bad depends on your point of view.
Carriers desperate for top-line growth at a time when their investment income is tanking were hopeful the Insurance Groundhog would see double-digit rate hikes in the immediate future. I'm sure their agents and brokers–while honor-bound to get the best coverage at the lowest price for their clients–wouldn't mind seeing premiums rise to boost their commission income during these trying times.
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