This graphic speaks for itself and presents the results of the 3rd quarter 2011, Council of Insurance Agents & Brokers rate survey. It’s clear a market turn has begun and all insurance producers should think seriously about managing expectations of their client base by advising them of the impact of such a turn. It is still early days and how quickly and how far this change will go is presently unknown. However, it’s clear a turn has begun. This is the result of years of under pricing of commercial insurance products, sustained low investment income, reduction of excess claim reserves, all exacerbated by significant U.S. and worldwide catastrophe losses that have occurred over the last 18 months.
- Jerry Sullivan