While competition is keeping rates competitive, Harrison notes underwriters “would very much like to adjust the pricing upward to reflect the increase in the number and the size of recalls.”
On the one hand, Harrison notes the significant competition. On the other, he says there have been Product Recall underwriters that suffered too many losses, couldn’t make money and exited the market.
“It is a complicated time—a very difficult time—to be a Product Recall underwriter,” he states
LOL! “expert” Another AIG reject who will hasten the soft market!
While competition is keeping rates competitive, Harrison notes underwriters “would very much like to adjust the pricing upward to reflect the increase in the number and the size of recalls.”
On the one hand, Harrison notes the significant competition. On the other, he says there have been Product Recall underwriters that suffered too many losses, couldn’t make money and exited the market.
“It is a complicated time—a very difficult time—to be a Product Recall underwriter,” he states