Market softening may be happening more swiftly than thought, said an investment analyst who also warned of difficulties ahead for some insurers in 2007.
In a recent note to investors, Bear Stearns analyst David Small said the primary insurance market is more competitive than was previously estimated, especially in the areas of nonproperty catastrophe coverage, middle market, and excess and surplus lines.
According to Mr. Small, Bear Stearns' most recent look at the property-casualty market found that “to maintain premium volumes, the largest insurers are not only being aggressive on pricing but are also pursuing riskier business.”
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