The reasoning that carrier executives advance for increased prices of casualty insurance—starting with low interest rates and ending with the need for underwriting profit—is wearing thin on some customers, a broker executive said last week. Executive Summary Facing budget constraints, single-digit rate increases coming on top of two years of similar increases, are no longer being accepted by some casualty insurance customers, who are starting to ask brokers to shop their insurance programs, Aon’s Eric Andersen reports.
It’s running out of steam as March and April renewals move forward because some insurance buyers’ budgets cannot withstand another insurance price increase according to Eric Andersen, chief executive officer of Aon Risk Solutions, Americas.
Andersen spoke about casualty insurance market conditions during a session of the Advisen Casualty Insights Conference last week, participating on a panel with four carrier CEOs.