Property Insurance Outlook: Dull But Stable
No one really finds insurance interesting, not even insurers. In fact, insurers like it to be dull: no hurricanes, floods, earthquakes, wildfires, tornados. Instead of stories on the morning news, insurers prefer to quietly collect their premiums and drop them in the bank. Thus, two reports from the property casualty front should make these insurers, and their investors, very happy. Barring a major catastrophe or unforeseen event, risk managers should see stable property casualty rates at least through the beginning of 2010, said executives from insurance broker Marsh & McLennan on Wednesday. With the likelihood of hurricanes diminishing by the day, that prospect is a fairly safe bet. Using the “D” word, Marsh’s chief economist said, “It’s a classic dull market. Supply…
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