Non-admitted underwriters are seeking across-the-board rate hikes for property and casualty risks—and are covering more risks as standard lines insurers continue to shed unwanted business. Yet the surplus lines market has not entered the "hard" phase of the market cycle.
Not even the massive insured property catastrophe losses stemming from Superstorm Sandy last fall could push the market into truly hard conditions, market executives say.
Instead, insurers are taking measured steps to generate the revenue they believe they need to realize underwriting profits while not unnerving buyers with the jarring rate hikes and coverage restrictions that have marked some previous market turns.
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