Premiums are not likely to begin rising until early 2010, but federal insurance regulatory reforms before then could mean abrupt price spikes rather than gradual shifts, one leading industry economist has warned.
Steven Weisbart, chief economist for the Insurance Information Institute, likened the potential impact for the insurance market from proposed reforms in financial services regulation to the steep hard-market price push following rating agency changes after Hurricane Katrina.
"Following Katrina, most of the rating agencies changed their models to require that companies hold more capital than had previously been thought to be needed," recalled Mr. Weisbart, speaking at a webinar hosted by Advisen, a New York-based research firm.
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