Workers compensation already is seeing a hardening, as inadequate rates from the past couple of years have taken a bite out of profits. The original predicated three-year cycle actually lasted almost six years from when carriers jumped on that boat. You will see markets that will target writing WC on specialized risk or decide to become a non-factor in the market. As the standard markets shy away from some classes they previously wrote, the specialty markets definitely will play a major role in business placement. Reinsurance treaties that renewed in recent months reflect rate increases for the majority of the industry.
Companies focus on products whose prospects are increasing in numbers.
The professional liability market continues to show strong potential. According to USA Today , the top category for increase in number of employees is the computer industry followed closely by health services. As technology grows, many new exposures and products will appear. As the world becomes smaller, due in no small part to the Internet, it is necessary to become involved in the business activities of clients and prospects that have international exposures. Many agents are establishing relationships with insurance entities outside the United States in order to maintain control over their existing client base.