The insurance cycle in not dead, and the return to a hard market could come without a multibillion-dollar catastrophic event driving the turn, a broker executive said recently.
Brian Duperreault, president and chief executive officer of Marsh & McLennan Companies in New York, made the assertions during a keynote luncheon address at the 2011 D&O Symposium of the Minneapolis-based Professional Liability Underwriting Society held in New York early this month.
"We will see a market shift, and the catalyst does not have to be a major event," said Mr. Duperreault, who revealed that he has seen several cycles over a career in the industry that has spanned nearly 40 years.
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