Business Services Industry
Fallout from Sept. 11; Renewal plans are revised as rates firm dramatically.(property and casualty insurance)(Industry Overview)
Business Insurance, October, 2001 by Prince, Michael
Losses from last month's terrorist attacks have kicked this year's rate hikes into a higher gear. Although risk managers were already anticipating firming rates during property/casualty insurance renewals, after Sept. 11 those calculations were thrown out the window and have been replaced with rate increases that dwarf anything seen in years.
``Sept. 11 changes everything,'' said J. Patrick Gallagher Jr., president and chief executive officer of Arthur J. Gallagher & Co. in Itasca, Ill. Renewals for Oct. 1 and discussions for year end and beyond are already finding sharply higher rates for property insurance. At least one captive owner also has seen its property reinsurance protection disappear. Casualty insurance prices also are firming, though not as...
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