Property and casualty brokerage firms and insurance executives recently made a statement that may come as a surprise for insurance agents.
According to the Insurance Journal, while rates are rising in certain types of property insurance policies, the market has not yet reached conditions that suggest it's in a "hard" or "classic" state.
Eric Anderson, CEO of Aon Risk Solutions, said there are several things that determine the definition of an insurance market. This includes terms and conditions, sentiments of individual carriers, where insurers are located and adequacy of limits.
Because of this, Anderson noted the market is still a soft one, which should serve as a boon for policyholders.
"I don't see customers struggling to get what they need," said Anderson, according to the Insurance Journal, speaking before an audience in Philadelphia at a meeting held by the Risk and Insurance Management Society. "Increases are happening especially in property and workers' compensation but so are reductions in other lines and that reality illustrates this is not a classic hard market."