Hard Market in Insurance Still Distant (Insurance Journal)

Industry has yet to see all the elements necessary for a sizable jump in rates, says III’s Robert Hartwig.

Robert Hartwig, president of the Insurance Information Institute, says a hard market in insurance, which he defines as a 10% to 15% jump in rates, isn’t likely to occur this year or next, according to Insurance Journal.

In a talk to a Casualty Actuarial Society seminar, Hartwig noted that hard markets usually require sustained insurance industry losses, a drop in the industry’s capacity, a rise in reinsurance rates and an increase in underwriting discipline among insurers.

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