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
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