For the property/casualty industry, 2009 will be “transitional if not transformational” according to a new report from the global insurance center of New York-based Ernst & Young.
Indeed, the consultancy suggests several areas that carriers should focus on to meet challenges in a fast-shifting competitive landscape. Foremost among these is a re-directed focus on premium pricing. The report notes that after four years of a soft market, carriers need to ready themselves for a hardening. “Early indications of pricing negotiations give strong support to a least a firming of the market in most lines,” the report states. “Insurer and reinsurer concerns over loss volatility and potential for mega-losses in highly developed catastrophe-prone locations should contribute to price stabilization.”
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