Insurance company executives said insurers have themselves to blame for the prolonged soft market, but also called on brokers to help insurers understand consumer expectations and to explain to clients what insurance companies offer besides just price.
At the Professional Liability Underwriting Society's Directors & Officers Symposium held in New York in February, John Rafferty, senior vice president of Arch Insurance Group in Chicago, Ill., said that with respect to continuing rate decreases, “All we have to do is say no.”
Speaking as part of a panel of insurance carriers, he noted that insurers have portfolios that they have built and that they like, and they do not want to see those portfolios shrink or see certain accounts leave. “But at the end of the day, if you're thinking long term,” he said, “sometimes the answer does end up being, 'We love this client. We were in for the fifth decrease in a row. We might not be for the sixth.”
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