In a recent Commercial Risk Online report, Thomas Mannsdorfer, EVP, Head of European Specialty Insurance Underwriting, comments on the hardening market.
He noted that he believes the market hardening will continue for the next year or two, and may even accelerate. “Will the hardening still accelerate? My personal opinion is, yes it will. We are probably going to have a hard market for another 18 to 36 months,” he said.
He added that the insurance industry needs higher pricing because of soft conditions that held for 15 years, but is trying to reward loyalty from, and relationships with, clients.