A future trend.
A recurring pattern.
Is more likely to be replaced by technology.
Has a lower success ratio.
Find coverage more readily.
Is likely to increase.
Decrease the use of rate credits.
Producer success ratios decline.
Producers limit the insurers they will represent.
Producers lose some of the insurers they represent.
Producers have more price competition.
Competition is intense.
Coverage is hard to find.
Insurers are less profitable.
Underwriting expense ratios begin to decrease with the market
Insurer investment income begins to show increased returns
Insurers begin to start to increase premiums and restrict writing risks
When there is an expansion in the amount of insurance written
During a hard market many insurers loosen loss reserves.
Individual account pricing is not impacted by the underwriting cycle.
During a soft market insurance pricing reflects the desire to hold market share.
When investment returns are not covering underwriting losses the soft market begins.
Anecdotal evidence suggests limited patterns of repetition within the insurance underwriting cycle.
Little statistical evidence of cyclical patterns exists within insurance underwriting cycles.
Insurance underwriting cycles occur in the context of structural change in business and society.
Insurance underwriting cycles bear little resemblance to general business cycles.
New competition will enter the market.
Industry loss ratios will decline.
The market will soften.
The underwriting cycle will stabilize.
Insurance premiums rise during a hard market.
During a hard market insurer competition is intense.
Insurance coverage is easy to find during a hard market.
A hard market involves diminishing insurer profitability.
The underwriting cycle entering a hard market.
Structural changes in society and business.
Structural changes in the insurance industry.
The underwriting cycle entering a soft market.
Make no changes because ROE doesn't affect profitability.
Make no changes because investment income doesn't affect profitability.
Maintain prices and increase underwriting standards.
Increase prices and increase underwriting standards.
Lower insurance premium
Decreased insurer profit
Widely available coverage
Diminished insurer competition
Diminished competition in the market and increased profitability
Intense competition in the market and decreased profitability
Expansion and contraction of general business activity
Gradual and fundamental change in the market involving profits
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