|
|
Article: Financial crisis, cat losses fail to move rates; Soft market for P/C risks expected to last through year-end as insurer capital remains strong.(News)(Report)
- Article from:
- Business Insurance
- Article date:
- October 13, 2008
- Author:
CopyrightCOPYRIGHT 2008 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Byline: COLLEEN McCARTHY
NEW YORK-The soft market for commercial property/casualty insurance won't be ending anytime soon, despite the widening financial crisis, increased catastrophe losses and deteriorating underwriting results, experts say.
While current conditions may slow the rate of price declines, most rates will remain relatively unchanged through the end of the year, they say.
Only in pockets where American International Group Inc. covers harder-to-place risks, in which a few other insurers have expressed interest in competing, might there be a firmer resistance to rate cuts, market sources say.
The various factors affecting ...