Well, First Floridian, a subsidiary of Travelers is non renewing a slew of homeowners policies including mine, can’t make $ when you don’t want to risk anything-duh!
A “hard market” is one where fewer companies compete on the basis of price alone. Many times happens when investment income cannot offset large or frequent losses. In some markets, hardening happens following too much price competition where companies have cut their premiums too much in order to gain market share. Then the losses roll in and their combined ratio goes over 100%…
IL is starting to see some rate filings with double digit increases in percentage. Most noticeable is on the private passenger auto, a “price leader” of sorts so I say let the hard market begin!
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Be prepared to be swallowed up just like Safeco was by Lib Mutual…
I’d love to hear opinions on this. If so, when?
The P&C company I work for has started. We are not in the pricing game and are keeping or raising prices.
Everyone says the economy stinks so historically insurance prices rise when the economy is bad.
I think you are correct
Define hard marketing please.
Well, First Floridian, a subsidiary of Travelers is non renewing a slew of homeowners policies including mine, can’t make $ when you don’t want to risk anything-duh!
A “hard market” is one where fewer companies compete on the basis of price alone. Many times happens when investment income cannot offset large or frequent losses. In some markets, hardening happens following too much price competition where companies have cut their premiums too much in order to gain market share. Then the losses roll in and their combined ratio goes over 100%…
Right, it should have said “hard market.” Good comment, adjuster.
IL is starting to see some rate filings with double digit increases in percentage. Most noticeable is on the private passenger auto, a “price leader” of sorts so I say let the hard market begin!
Good explanation, but all sources indicate market will remain soft into 2009. Where are you seeing price increases?