On January 8, 2009, MMC President and CEO Brian Duperreault gave the keynote address at the annual joint meeting of the Association of Professional Insurance Women and the New York Chapter of CPCU. In his remarks, Mr. Duperreault discussed the state of the insurance marketplace, particularly in light of the current financial crisis. Among the points he made is that we are entering what he termed an "invisible hard market."

"We are beginning to see the signs of a hardening market," he said. "Because of the countervailing winds of this financial storm, however, it may not look that way at first. It’s going to evolve differently than any hard market we’ve experienced in the last 50 years. So I’m calling it 'the invisible hard market.' And that represents a management challenge for us in 2009."

To read Mr. Duperreault's remarks in their entirety, click here.