Byrne’s Prediction: June 2011-103.5% CLR-no significant change in rates; June 2012-107.1% CLR-general firming in pricing with some overall modest increases or cease writing on certain “tougher” classes; June 2013-114.3% CLR-non-renewal and cease writing of many classes-rates/premiums begin to rise significantly, with some insureds experiencing 50%+ increases; June 2014-Industry experiences its worse CLR in 200 years. Mass non-renewals, 3-5 major A+ XV carriers go under, dozens of mid size carries also receive C&D orders-Surplus Lines brokers attain 400%+ increase in revenues and I can finally take my wife on that trip to Venice I always promised her.
The Insurance Industry is in a situation they don’t like much, soft market in a bad economy. They would all like to take rate for a firming market, but they can’t get it due to the economy. They also don’t know what this current administration is going to do to them in the near future in taxes and regulation. Kind of a bad situation to be in.
How ironic that the risk management industry is made to feel guilty about documenting improved financial results brought about by sound, conservative investment and business practices!
Total return with investments performing well (for now) will continue the market- status quo. When you see interest rates rise and bond prices fall you’ll know the hard market has arrived.
Is it me or has this market gotten considerably worse with regards to cheap pricing over the past 30 days. I’m seeing surplus lines carriers cutting 40,50,60% off expiring rates….cough cough ESSEX.
Do these people have a clue what their mga’s are doing? I tend to think not based on what i’ve seen out of them recently. Some rock solid “underwriting” right there.
How can you read that and see good news? Did you just read the headline and quit? Or don’t you understand anything else written. That is not looking good.
I would like to know more about this prediction myself:
Subject: RE: Hard Market; When?
Posted On: September 17, 2010, 11:59 am CDT
Posted By: Steve-O
Comment:
Where does “Byrne’s Prediction” come from? Is that a resource online somewhere?
Byrne’s Prediction: June 2011-103.5% CLR-no significant change in rates; June 2012-107.1% CLR-general firming in pricing with some overall modest increases or cease writing on certain “tougher” classes; June 2013-114.3% CLR-non-renewal and cease writing of many classes-rates/premiums begin to rise significantly, with some insureds experiencing 50%+ increases; June 2014-Industry experiences its worse CLR in 200 years. Mass non-renewals, 3-5 major A+ XV carriers go under, dozens of mid size carries also receive C&D orders-Surplus Lines brokers attain 400%+ increase in revenues and I can finally take my wife on that trip to Venice I always promised her.
The Insurance Industry is in a situation they don’t like much, soft market in a bad economy. They would all like to take rate for a firming market, but they can’t get it due to the economy. They also don’t know what this current administration is going to do to them in the near future in taxes and regulation. Kind of a bad situation to be in.
Funny…I read this and saw some positive news. But I guess the American elan is to digress into a country of Debbie Downers. Wah wa wa wah!!!!!
oh yeah, I smell lower rates!
How ironic that the risk management industry is made to feel guilty about documenting improved financial results brought about by sound, conservative investment and business practices!
Total return with investments performing well (for now) will continue the market- status quo. When you see interest rates rise and bond prices fall you’ll know the hard market has arrived.
Where does “Byrne’s Prediction” come from? Is that a resource online somewhere?
Is it me or has this market gotten considerably worse with regards to cheap pricing over the past 30 days. I’m seeing surplus lines carriers cutting 40,50,60% off expiring rates….cough cough ESSEX.
Do these people have a clue what their mga’s are doing? I tend to think not based on what i’ve seen out of them recently. Some rock solid “underwriting” right there.
How can you read that and see good news? Did you just read the headline and quit? Or don’t you understand anything else written. That is not looking good.
I would like to know more about this prediction myself:
Subject: RE: Hard Market; When?
Posted On: September 17, 2010, 11:59 am CDT
Posted By: Steve-O
Comment:
Where does “Byrne’s Prediction” come from? Is that a resource online somewhere?