“Seven years and running, the soft market shows few signs of loosening its grip on commercial insurance pricing, according to a new industry study.”
“Abundant capacity coupled with diminished demand keeps downward pressure on rates. As things now stand, insurance buyers can anticipate another year of favorable insurance prices, although catastrophe claims always are a wild card in the pricing cycle.”
Source: Insurance Journal, May 3, 2010
“Commercial insurance prices saw just a slight decline of 3 percent during the fourth quarter of 2008 compared to the same quarter a year ago – representing the smallest reduction in the past eight quarters – according to Towers Perrin….”
The commercial insurance market cycle is close to its bottom and general commercial insurance prices will begin increasing by the fourth quarter of 2009 or the first quarter of 2010, according to a consultant to the global commercial insurance industry.
Source: http://www.insurancejournal.com/news/national/2008/12/31/96658.htm