Remain diligent and focused on the insurance market and the economy as you maneuver the remainder of 2009 and into 2010. Pause, take a step back and listen to what the market is telling you. If you're not paying attention today, you may deeply regret it in the future. The status quo is not an option.
The agency-brokerage business remains stable. Well-managed firms with adequate capital can weather almost any storm. The key word is “almost,” as the perfect storm environment of an insurance market that remains relatively soft combined with major economic uncertainty could be problematic.
Some pundits believe the soft market is ending, and they may be right. But that doesn't mean a hard market is imminent. Rather, the market may have bottomed out and it might linger for some time. Absent a major insured disaster or a series of calamitous events, loss trends resulting from the reckless soft market may need to deteriorate further before we see any measurable rate acceleration.
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