Well, now it is our time to bear the brunt of the storm it appears. Wonder if after this on is the soft market over? Hope everyone in the agency world takes a hard look at the strength of their current companies and books. I see GREAT changes by the end of the yr if this one does what it looks like it is gonna do!
Perhaps, but will consumer watchdogs in other parts of the US cry foul because insurers hold the line on rates in their territories to offset losses in the southeast? I know we all subsidize those losses to an extent, but there surely will be pressure to continue to drive rates down. Look at some of the insurers I work with that are regionals in the Midwest and into the middle of the US. They’re posting record results (some are seeing sub-90 combined ratios…look even at publicly announced results from Progressive, they were hugely profitable in the first half of ’05). Consumer groups and politicians will keep up the drumbeat for lower rates. It’ll be interesting to see if the insurers can justify holding rates.
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Well, now it is our time to bear the brunt of the storm it appears. Wonder if after this on is the soft market over? Hope everyone in the agency world takes a hard look at the strength of their current companies and books. I see GREAT changes by the end of the yr if this one does what it looks like it is gonna do!
Perhaps, but will consumer watchdogs in other parts of the US cry foul because insurers hold the line on rates in their territories to offset losses in the southeast? I know we all subsidize those losses to an extent, but there surely will be pressure to continue to drive rates down. Look at some of the insurers I work with that are regionals in the Midwest and into the middle of the US. They’re posting record results (some are seeing sub-90 combined ratios…look even at publicly announced results from Progressive, they were hugely profitable in the first half of ’05). Consumer groups and politicians will keep up the drumbeat for lower rates. It’ll be interesting to see if the insurers can justify holding rates.