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Yep
I suspect that overall commercial rates will rise, however there will continue to be pockets of irresponsible decisions supported by those who still consider market share to be a worthy goal.
Tell us something we don’t know Marsh. Are you the same guys who were involved in the bid rigging scheme some years ago with a number of different carriers including the now infamous AIG?
Can only assume that you represent an elusive operation that has never led the field in predicting market change, and chooses to hide behind the perception of supposed transparency to clients. Do us all a favour and take the comments made for what they are – an opinion!
Do your homework. The Marsh organization has one of the largest data bases in the insurnace industry. Unlike some brokers, Marsh was willing to make make a substantial investment into developing a world class analytics practice to make sure its clients have a direct line of sight on decreasing overall Total Cost of Risk.
That is laughable!!! Who is the largest broker in the world with close to $12B in annual revenue??? It is sad that people are still reaching for the bid rigging incident to try and get a leg up on Marsh. Good luck young sales professional. Marsh was able to turn a very negative incident into a valuable learning lesson and continue to move the organization forward. Instead of crawling under a rock, Marsh transformed the organization into an elite global firm. Now try to find broker in the industry that is more transparent than Marsh. Well done Marsh!!!
Yes Proud, criminal activity should be forgiven and glorified. What the heck, everybody else does it and gets away with it.
Dave, Marsh has had and continues to have the same mindset as AIG. They willingly participated in illegal bid rigging to the detriment of their clients and now proudly proclaim they are looking out for their clients. I have no use for them as I suppose you do too.
As a referral underwriter, we are seeing competition on almost all of our profitable accounts.
There is ample capacity, and new carriers are offering rates, terms and conditions that will be unprofitable in the long term (ex. Ironshore). This business will eventually migrate to more stable carriers with the right terms, pricing and conditions.
On national accounts, I am seeing more acceptance of rate increases in worker’s compensation and commercial auto. Clean and profitable CGL business is still priced flat or with a slight rate decrease.