NEW YORK–The property-casualty industry is entering an “invisible hard market,” with the bottom-line benefits of rising prices undermined by disappearing exposures in a contracting economy, the head of Marsh & McLennan Companies said.
“We are in the beginning stages of a hardening market, but countervailing economic forces are turning this into our first 'invisible' hard market,” advised Brian Duperreault, MMC's president and chief executive officer.
Mr. Duperreault, in his speech here before the annual joint meeting of the Association of Professional Insurance Women and the New York Chapter of CPCU in early January, noted, “When our market turns, it usually happens very clearly,” and, “Normally, when we stand in the doorway of a hardening market, we know it.”
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