Three subjects dominated discussions among executives and riskmanagers in Philadelphia at this year's Risk and InsuranceManagement Society convention: pricing, Business Interruption andCyber risk.
Regarding pricing, Mario Vitale,CEO of Aspen Insurance, says there is clear evidence the market isfirming, but he notes that no one is using the term “hard market”in their conversations about rate.
Last year's catastrophe losses and low-investment yields havetaken their toll, he says. However, the market is in a position nowwhere a major event could shift it from firming to hardening. Butputting an exact number on what size that loss event would have tobe to move the market is difficult, he adds.
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