NU Online News Service, June 6, 2:13 p.m. EST

A hard market is not far away and this year the industry is expected to see its strongest growth since 2004, but the good news for insurers is tempered by consistent large underwriting losses, one industry economist says.

Speaking at the International Association of Claims Professionals in New York last week, Steven Weisbart, senior vice president and chief economist at the Insurance Information Institute, told attendees that "the economic picture is brightening," and that the industry is "not too far away from reaching a hard market."

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