NU Online News Service, Dec. 15, 11:45 a.m. EST
The soft market is expected to continue unabated into 2011, but there are signs that insurers are beginning to hedge risks and become more circumspect about those that they accept, according to a group of experts.
The observations came during a webinar hosted by consulting firm Advisen and sponsored by Zurich, titled "The Insurance Market in 2011: The Lingering Effects of the Recession Fuel Competition."
In the release of its market report, Advisen said commercial lines property and casualty insurance companies have seen their pricing gains of the 2001-2003 hard market disappear, and there are few signs of a turnaround in 2011. The Great Recession of 2008 has depressed the demand for p&c insurance and capacity remains abundant. The result, said Advisen, is that the grip of the soft market will not loosen soon.
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