Three subjects dominated discussions among executives and risk managers in Philadelphia at this year's Risk and Insurance Management Society convention: pricing, Business Interruption and Cyber risk.

Regarding pricing, Mario Vitale, CEO of Aspen Insurance, says there is clear evidence the market is firming, but he notes that no one is using the term “hard market” in their conversations about rate.

Last year's catastrophe losses and low-investment yields have taken their toll, he says. However, the market is in a position now where a major event could shift it from firming to hardening. But putting an exact number on what size that loss event would have to be to move the market is difficult, he adds.