Washington — The financial and housing crises, along with a prolonged soft market for insurance products, are converging to create a highly challenging environment for the U.S. insurance industry in 2009. These factors will force insurance carriers to adopt new skills and business discipline in order to survive the economic turmoil, according to new research from TowerGroup that identifies key insurance trends for the coming year.
TowerGroup expects "four Rs"— risk, revenue, regulation and retirement—to shape the insurance industry in 2009. Risk and regulation will be at the forefront as insurance carriers pump money and resources into initiatives designed to optimize risk management and meet new regulatory mandates. Increased costs and decreased revenues will lead to further industry consolidation and redistribution of assets. As a large number of experienced insurance workers reach retirement, the strain on insurers will increase as decades of knowledge walk out the door.
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