The soft market that began in the fourth quarter of 2003 may be ending, but it needs to be pushed for rates to go up, according to an analyst for the RIMS Benchmark Survey.
David Bradford, executive vice president, Advisen Ltd. in New York, which conducts the survey for the Risk and Insurance Management Society Inc., noted that workers' compensation, which has been a more difficult market, is "backing off" price decreases and that general liability coverage has showed a modest increase.
The market "can't make up its mind," he said. "It's waiting to be prodded to firm up."
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