For those that have been following this blog over the last several months, you will have seen earlier version of the graphic below. This version has been updated through the end of the first quarter of this year and it’s clear that the turn in the market continues and at an accelerating rate. While it’s not correct to say that this is a “hard” market as yet, things continue to move in that direction.
Now is the time for all insurance professionals to start thinking seriously about what they are going to say to their clientele regarding these changes. With the difficult economic times that are being experienced, any increase in pricing or tightening in policy terms will present difficulties for many insureds. We’ll all need to be prepared to explain to clients why this is happening and the last blog entry in this series addresses that issue directly.
It is time to plan ahead and be prepared to explain to our clients why they are being asked to deal with coverage and price changes.
- Jerry Sullivan