NU Online News Service, April 21, 9:11 a.m. EDT
Onset of a hard market for the property-casualty insurance industry has been delayed by record 2006 and 2007 surpluses, few impediments to new entrants, and competition with American International Group, a brokerage study found.
A report by Willis, a "Spring Update" to an earlier report titled "Marketplace Realities and Risk Management Solutions," said signs pointing to a coming hard market include a nosedive in investment income, devastation in the financial markets, a prolonged soft market, climbing reinsurance costs and an active natural catastrophe season.
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