Current market conditions may be the "new normal"–lasting for several years– industry leaders predicted recently, with one attributing the continued softness to the absence of American International Group's historical price leadership.
In the past, "when AIG decided to change the pricing, the market was able to follow along," said John Molbeck, president and chief executive officer of Houston-based HCC Insurance Holdings. "This will be the first market cycle where we don't have that event," he said.
Mr. Molbeck made the observation during the Standard & Poor's Insurance Conference earlier this month, where more than a dozen insurance and reinsurance company executives and analysts predicted that a market turn is at least a year away.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
