Insurance pricing remains volatile, affecting the growth of insurance agencies and brokerage firms, says the chief executive of Brown & Brown.
Discussing the Daytona Beach, Fla.-based insurance firm's third-quarter financial results with financial analysts, J. Powell Brown, president and CEO, calls the current insurance market "inconsistent," with carriers asking for more information on renewals and paying greater attention to underwriting risks. Some carriers are willing to walk away from business, he says.
However, despite this attention to underwriting, and the fact that insurers want to get more rate, Brown says competition remains so intense that significant reductions still take place on accounts for new business.
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