Although insurance rates have been drifting upward in recent months, the property/casualty industry is unlikely to see a return to the traditional hard market this year or next, an insurance expert told reinsurance actuaries at the Casualty Actuarial Society’s Seminar on Reinsurance.
Robert Hartwig, president and economist of the Insurance Information Institute, noted that four criteria have to be present for a truly hard market, one in which rates climb sharply
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