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While there is near-universal agreement that carriers are achieving rate increases for P&C business, analysts and company & brokerage executives are struggling to ascertain what the current, gradually hardening market will look like in the long term.

J. Patrick Gallagher, president and CEO of brokerage Arthur J. Gallagher, said during Keefe, Bruyette & Woods’ Insurance Conference, held Sept. 5 in New York, that the current rate environment is unique relative to the prior three market cycles he’s seen. Rates are beginning to firm, but the industry is not seeing the “spike recovery” in rates typical of a hard-market turn, he added. 

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