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Insurance Market Recovering After Wild Ride in '06.
San Antonio -- The insurance market has seen some "significant stabilization" in 2007, following a wild 2006, according to Jeremy Burr.
Speaking at the MBA's Commercial Real Estate Asset Administration Conference here, at a panel session on insurance risk mitigation, Mr. Burr, a vice president with Insurance Office of America, reported that the insurance industry is now entering into a softer market.
In contrast, 2006 was a "wild" year, which can be attributed to the insurable losses of 2004 and 2005, which caused pricing for insurance to go up and coverage to decline.
Most asset holders have gone through one renewal, and state funds are now being used, with the Gulf Coast being especially active in this regard, Mr. Burr said. As well, the Florida government has made reinsurance available to the private marketplace.
"These options are competing with the private marketplace," he added.
Reinsurers in the private marketplace are relaxing, and places such as Miami and Biloxi, Miss., have additional coverage available that was not ...
- Insurance Market Recovering After Wild Ride in '06.
- News wire article from: Mortgage Line August 7, 2007 700+ words
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Source: HighBeam Research, Insurance Market Recovering After Wild Ride in '06.