How long will carriers be able to hold out as prices begin sliding down the softening markets slippery slope? Thats the question on the minds of every underwriter and producer as a perfect storm gathers–with skyrocketing profits and a surprising lack of catastrophes threatening to start another race to the bottom.
Despite the fact that insurers didnt suffer a single major hurricane loss this year, property-catastrophe pricing appears to be relatively stable for the coming renewal season–if only because both primary and reinsurance carriers are still licking their wounds after two straight years of record disaster claims.
In addition, while it was a huge relief that Mother Nature did not repeat herself this year after 2004s grand slam of four hurricanes and 2005s record Katrina loss, as they say in the stock market, prior results are no guarantee of future performance.
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