Given the severity of the economic downturn, the U.S. property/casualty insurance industry has performed remarkably well in recent years, a group of industry experts observed in a panel discussion.
The insurance industry’s performance was especially impressive held up against other businesses with asset risk exposure, such as banks and brokerages, noted panelist Joseph Guastella, partner, Insurance Industry, Strategy and Operations,
The industry performance was credited to a mix of effective risk management practices prudent supervisory oversight of insurers, and a bit of luck, as the 2009 hurricane season passed without causing major damage.
This performance also extended to other parts of the insurance industry, noted Scott Harrington, Professor of Insurance and Risk Management at the
Yet, the panel’s moderator, Peter Miller, president,
“The property/casualty insurance industry is not going to see positive growth any time soon,” Gelb said. “My estimate is that the industry will probably show a decline in 2010, as well, which would be the worst track record of growth for the industry since the Great Depression.”