Following a profitable year for the industry, the p&c insurance market will be stable and competitive in 2014, according to "Wells Fargo Insurance 2014 Insurance Market Outlook," which was released on Jan. 30. The report, issued by Wells Fargo Insurance, covers a range of product segments, from workers' compensation and employment practices, to property and technology and network security.
"We expect 2014 to be a good year for the majority of our commercial property and casualty insurance customers," says Simon Hodge, head of the Professional Risk Group at Wells Fargo Insurance. "We anticipate significant marketplace capacity, excellent coverage quality in many areas, and do not expect a lot of pricing volatility."
The experts at Wells Fargo Insurance explored what the year might hold for the workers' compensation industry specifically. In the report, they forecast continued rate increases for the first three quarters of 2014, along with continued reduction in the combined loss ratio, resulting from higher prices seen over the past three years.
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