P&C insurance premiums continue to exhibit increases as high as 10 percent on some risks, as reinsurance rate-softening on property will not pass through to the rest of the market immediately, says the CEO of insurance broker Brown & Brown.
Today during the company’s second-quarter earnings conference call, President and CEO J. Powell Brown says primary market carriers are reluctant to pass along the bulk of reinsurance decreases immediately as they wait for the outcome of this year’s hurricane season. If this season does not produce a major wind event ,then the first to feel that outcome could be the excess and surplus lines market--translating into flat or declining rates starting in January of next year.
“That’s not a negative for Brown & Brown,” says the CEO. “We can still grow when we are doing that. The answer is that it creates a lot of opportunities for us to do a good job not only for our existing clients, but for new clients we don’t already have.”
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