Michael Nardiello, SVP, GRS Property Leader discussed his thoughts on what it would take to shift the property insurance industry’s soft market in an article published on Advisen’s Front Page News. Mr. Nardiello and other panelists at Advisen’s Property Insight’s Conference in NY agreed that even a major catastrophe the likes of Hurricane Katrina would not alone be enough to end the current soft market. “I think it’s really going to be something economic; it’s going to be something geopolitical, and probably one or two other events at a minimum for a significant change,” he said. Even if a “perfect storm” were to occur, he and other panelists don’t foresee hard markets like in the past, however, and Mr. Nardiello added that, “I don’t know if we’re ever going to see a hard market like we did in 1994, what might have been the last true hard market.”
Read more in the Advisen Front Page News article, Experts Agree a Confluence of Events Necessary to Shift Property Insurance Market.