Pricing Trends In The Insurance, Reinsurance Industries
May 2, 2012, 1:07 PM EDT
Law360, New York (May 2, 2012, 1:07 PM EDT) -- Despite the financial and economic turmoil of the last several years — both nationally and globally — the insurance market has remained remarkably stable. There have been surprisingly few insurance company failures, and premiums have remained at worst flat, and in most cases have seen year-on-year decreases.
As explained in a prior article I wrote, the soft market was largely the result of long-term excess capacity in the market place — meaning insurers had to compete hard against each other to get clients’ business.