Not only do property-casualty insurance industry leaders believe the financial crisis is behind them, but they also believe rates are hardening, a new study finds.
A soft market has been in place for several years, as insurers have competed for limited business, especially in the commercial sector, by undercutting their competitors prices. A soft market hurts agent commissions.
Three-quarters of executives expect improved profits this year, according to the survey, conducted by the Insurance Information Institute (III), a nonprofit communications organization supported by the insurance industry, at its 16th annual Property/Casualty Insurance Joint Industry Forum.
A slightly smaller percentage (72%) of respondents believe the industry is on the road to recovery.
“The consensus among forecasters is for growth of the U.S. e