The hardening market predicted to arrive by the end of 2009 failed to materialize for insurers writing services industry risks as competition remains fierce, forcing carriers to cut the prices on their coverage menus.
The struggling economy and excess capacity among insurers have combined to create a situation that has carriers in the standard and excess and surplus lines markets competing hard for less available premiums among struggling services industry buyers, and experts do not all agree on when rates are expected to harden.
Generally, those who spoke with National Underwriter expect to see some improvement in rates by the end of 2010, which would bring to an end what all agree has been an unusually long soft market for the property and casualty industry in general.
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