The earthquake in Japan and two other major losses for insurers have put the brakes at least for now on the soft-market pricing trend in the energy-insurance market, says a report from Willis Group.
According to the Willis Energy Market Review, released during the firm's North American Energy Conference in San Antonio, Texas, insurers are reassessing their positions and taking stock of the losses they have endured during the first quarter of this year.
"Any softening dynamic on risks not already quoted has been brought to an end…" the report says. However, it cautions that due to abundant capacity among upstream (stock-owned companies) and downstream (mutual companies) insurers, soft-market competitive pressures could resurface later in the year.
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