P&C insurers are beginning to understand the need to drive rate increases and reverse the industry's soft-market trends of recent years, says XL CEO Mike McGavick.
“This is the first quarter in which I feel that those of us who operate insurance businesses on the whole are finally 'getting it,'” McGavick said during a fourth-quarter-earnings conference call with financial analysts last night. “You can see that rate is starting to grow year-on-year.
“We have been expecting this, because in these interest-rate environments, the rate levels that are being priced into these risks have not made sense,” he added. “So it is really good to be hearing the kinds of commentary I've heard across the market about rate and about underwriting discipline overall, particularly on the primary side.”
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