Businesses concerned about the impending hard insurance market
are taking risks when seeking coverage, and as a result, they are not getting what they want, Lindberg said.
The 1980s hard insurance market
impressed upon boards and executive management the need to control risks encroaching on their organization's bottom line.
Madden expects 2006 to be a hard insurance market
. "Rates will increase and increasing property values will only compound the rate increases, making the overall rate that much higher."
(For more information on setting up a captive insurance company, see "Implications and Opportunities in the Hard Insurance Market
," beginning on page 49 of the October 2003 issue of ASSOCIATION MANAGEMENT.)
IN TODAY's hard insurance market
, few D & O insurers will provide more than $20 million in coverage to one company.
Some of these organizations have lost their insurance coverage in the current, hard insurance market
. Secure a certificate of insurance to confirm your Additional Insured status and determine the limits of liability they carry.
During the last 18 to 24 months, amid a hard insurance market
and regulatory actions in response to corporate scandals, several of the CEOs in the insurance industry changed.
She attributes the rise to the hard insurance market
Continued margin erosion, against the backdrop of a hard insurance market
, high fuel prices, and heightened security costs of our post-9/11 world, will continue to force marginal carriers to exit the business.
The hard insurance market
and an expanding world of perils prompted risk managers to increase their spending on loss control last year in the face of a slumping economy and tight corporate budgets, according to the results of a survey by Chubb Corp.
He added that the survivors in the hard insurance market
will be "those who bring more value-added to the table, the ones who prove to their companies they have a true worth in hard times."
This article provides a historical perspective on the hard insurance market
, using lessons from the past to guide local governments through the current crisis.