Property Casualty leaves cycle A Down
Although profits were still strongly in 2007, damage and accidents in Connecticut and across the nation expected to decline this year to further price competition that benefits businesses and consumers — But reduced income from industry.
The area is known for several rounds of price cutting and higher prices - particularly in the insurance business - and it is confrontation with the slowdown models. At the same time, insurers are also a weakening of the economy and credit and stock market turbulence.
The combination is not an insurmountable challenge, and some companies like The Hartford and travellers are regarded as relatively well positioned to manage. But finding uncertainty about the length and depth of the “down-cycle” this time around.
“The question nobody can answer:” If this cycle other than previous cycles? “Says Robert P. Hartwig, president of the information industry by the Insurance Institute.
Insurers, citing some good indications, the hope that the cycle is shorter and flat. That is to say less decrease in the volume of premiums in the past few years and, until the next culmination of profits.
At the same time, many businesses and some consumers - at least outside the coastal areas of hurricane - see premium reduction of various sizes.
The trend is selected on a quarterly survey of commercial insurance rates by the Council of Insurance Agents & Brokers. An analysis by Lehman Brothers for the fourth quarter survey showed the average rate in the whole renewal of all sizes are 12 per cent.
The average interest rate for small decrease clearance of 8.4 per cent, medium and large phrases account has an average of 13.8 per cent during the quarter, the analysis.
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