PCI and Baden Baden: No hard market in sight
As the insurance and reinsurance industry set up camp on both sides of the Atlantic last week to draw battle lines ahead of the 1/1 renewals, a central talking point at both events was the elusive hard market.
The primary market is suffering from lack of demand due to the global economic downturn, with concrete signs of recovery yet to solidify. As such, there seems to be little prospect of pushing rate hikes through on anything other than loss-affected lines...
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