Taking Control: The Seven Steps to Surviving Any Market
The insurance industry has predicted that another hard market is on its way. For businesses this translates into higher insurance prices, lower coverage availability and constricted renewal conditions. But many have called this an “Invisible Hard Market” as signs of a firming market are far and few between. The question remains, how long will this extended soft market continue?
To be sure, the first companies to feel the impact of a hardening market are those that are not performing from a loss ratio perspective. As underwriters begin to tighten their standards and pricing these companies will be the target of price increases or non-renewal. Conversely, those that are delivering loss ratios below the industry can prolong or even avoid the wrath of a hard market. No matter the market conditions, it is wise to go back to the basics to ensure you have a competitive edge in the marketplace.