NEW ORLEANS— Burns & Wilcox CEO Alan Kaufman says the wholesale broker is writing more business, and insurance pricing is increasing, but market capacity and the economy are impeding the rate of incline.
"Rates are firming, but not increasing that much," says Kaufman at the 87th annual meeting of American Association of Managing General Agents here.
Kaufman says pricing is not showing signs of retreat, with increases averaging 5 percent. He says property and professional liability are two lines where increases are higher than other business. Property rates are increasing significantly in Louisiana and Texas. Florida may finally "open some opportunity" if the state's insurer of last resort, Citizens Property Insurance Corp., pulls back from the property market.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
