While commercial insureds will conceivably see requests for double-digit increases for catastrophe coverage as reinsurance rates rise and primary insurers grapple with investment losses, the recession makes big price hikes tough to implement, one major wholesale brokerage says.
Edison, N.J.-based NAPCO said this year's renewals will stand in sharp contrast to the reductions or flat rates that characterized the category in 2008.
"The two wind seasons following [Hurricane] Katrina in 2005 were relatively inconsequential from an insurance loss perspective," according to NAPCO Chief Executive Officer David Pagoumian.
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