While insurance cycles may not have yet gone the way of high-button shoes, technology improvements could ease their impact, according to industry experts.
In a conference call following the release of first-quarter property-casualty industry financial data, Mike Murray, Insurance Services Office assistant vice president, said that all soft cycles start slowly and then accelerate sharply.
His comments followed a report by ISO and the Property Casualty Insurers Association of America that the U.S. property-casualty insurance industry is continuing in a soft cycle of declining rates with first-quarter net income after taxes dipping 5.5 percent from the same period last year.
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