Successful P&C insurers are responding to changing economic, demographic and technological environments in their pursuit of organic growth, and are expanding via acquisitions, global expansion and products that target new insurable risks and coverage, finds Ernst & Young in “Global Insurance Center U.S. Property-Casualty Outlook.”
The forces acting on the P&C market are several, the report finds. Household expenditures on insurance have declined 50 percent over the past decade, for example, especially amongst younger people; and protracted low interest rates and upheavals in the equity markets have weakened investment returns. These forces and others, including regulatory uncertainty and raised expectations for multichannel communications, have induced many insurers to invest in and leverage technology solutions to improve their business models, products and services and customer communications.
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