Commercial property insurance is often a critical issue in Florida, and 2009 is no exception. To gain insight into the excess and surplus lines side of that market, Florida Underwriter spoke with Steve Vaccaro, CEO of Max Specialty Insurance Company in Richmond, Va.; E.G. Lassiter, CEO and chairman of RSUI Group in Atlanta; and Francis Moloney, assistant director of AHJ, Ltd., in London.
FL UW: Insurance companies are clamoring for rate increases. But in today's economy, that is a tough sell. In the surplus lines commercial property market, do you think we will see increases in 2009?
Lassiter: In general, commercial property carriers lost money on their property business in 2008. It was an unusual year with much more loss activity in tornadoes, hail storms, and floods than in recent history. With capital constrained, reinsurers are increasing their pricing. Based on all of these factors, we expect moderate rate increases in the 2009 property marketplace.
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