After bearing the effects of a sluggish economy and substantial weather-related losses in 2011, carriers are well aware that they need to increase rates in order to balance their books.
Yet the question then becomes, can they raise rates substantially enough to cover their losses and offset low investment yields?
In a speech at the Council of Insurance Agents & Brokers meeting in October in Colorado Springs, Colo., Paul Krump, president of commercial specialty lines for Chubb Group of Insurance Cos., said the current reality for carriers is a “corrosive” situation that needs to be addressed as underwriters seek to balance business with policyholders’ concerns.
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