The P&C commercial market has officially achieved hard-market status, according to the Council of Insurance Agents and Brokers (CIAB)—although some executives at major carriers remain skeptical.
“We've been cautious up to now about declaring a market turn, but it's reasonable to say that the market has made a hard turn after two quarters of price increases and tighter underwriting,” Ken A. Crerar, CIAB's president and CEO, says in a statement accompanying the results of the association's latest quarterly market survey.
“It's difficult to predict length and severity, but the market has turned,” he adds.
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