New York — Insurance executives expect sub-prime and other credit issues to continue to have a significantly negative impact on the industry's financial performance in 2009, and they see credit and pricing risks as posing the most significant challenges over the next three to five years, according to a survey conducted by KPMG LLP, the U.S. member firm of KPMG International.
At KPMG's Insurance Industry Conference in New York, 82% of the 375 executives attending expect the credit crisis to have a significantly or extremely negative impact on 2009 performance, compared to just 14% who said the problem would be finished by the end of this year. In 2007, only 55% felt that the sub-prime issues would have a negative impact on the financial results and performance.
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