Of course, the insurance industry is anxiously awaiting the long-anticipated increase in pricing that such a spate of disasters will inevitably bring. Allianz is predicting that at least the Asian Pacific region will be subject to increased costs in property-casualty coverage.

But while the jury is still out on whether the impact on reinsurance will trickle down to the standard market in the rest of the world, analysts say a combination of factors is conspiring to make rate increases inevitable for both commercial and personal lines, possibly by the beginning of next year. Loss cost inflation (the cost of claims) will force insurers to increase rates for personal lines, said Myer Shields, a financial analyst for Stifel Nicolaus, in an analyst's note.

Can it possibly be that the long-awaited hard market could finally be on the horizon?

On an unrelated note: It seems hard to believe it's that time again, but American Agent & Broker and National Underwriter are gearing up for the 2011 Commercial Agency Awards of Excellence competition. It's always a pleasure to hear about what you're doing to succeed in today's tough market, so feel free to share your story with the world! The deadline for us to receive your entries is July 1, so it isn't too soon to start thinking about it. Click for rules, the entry application and information on the winners from 2005 to 2010. We look forward to hearing from you!