Hard casualty market into 2004

Commercial insurance rates in the US, notably for casualty insurance, will continue to increase into 2004. This is according to a survey of over 100 risk managers carried out by Prudential Securities. More than half of risk managers who renewed policies in January did so at higher-than-expected levels. About 54% of risk managers surveyed said they expect tighter terms and conditions when they renew this year, on top of tighter terms last year.