Hard Market Not Solvency-Driven
London Editor
Vienna, Austria
The current cycle of rate hardening in the United States is mirroring the only other hard-market cycle on record not to be driven by solvency issues–the upturn from 1965 to 1972, according to Douglas W. Leatherdale, chairman, president and chief executive officer of the St. Paul Companies.
During the 1965-1972 period, there was no shortage of capital and price hardening was "driven by 10 years of below-trend premium growth, and, of course, the resulting poor profitability," he said.
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