Posted on 18 Apr 2011
President Robert Hartwig of the Insurance Information Institute (I.I.I.) as part of an insurance industry CEO panel discussion at the Independent Insurance Agents & Brokers of America's (IIABA) annual legislative conference in Washington on Friday reaffirmed that he sees the market firming in 2012-2014.
Late last year (November 2010) when speaking to the Daily NewsFlash, Dr. Hartwig had said that he foresees the soft market beginning to ease in 2011 and rates likely “firming” by 2012-2014, but not significant enough to trigger a traditional hard market. At the IIABA conference this past Friday, he said the firming would be gradual and occur on a line-by-line basis.
Dr. Hartwig also said that the recent earthquake and tsunami disaster in Japan “means less than a lot of people assume” for the U.S. insurance market. He predicted the catastrophe will have “minimal impact at the retail level.”