Despite a multitude of challenges posed to the U.S. insurance industry, the commercial insurance marketplace proved resilient in 2008, remaining stable–albeit somewhat less competitive–across nearly all lines of coverage, according to a report released by insurance broker Marsh.
The industry faced challenges from the deepening global economic crisis, the impact of financial marketplace conditions on certain insurers, and significant property catastrophe losses, said Marsh.
The firm noted that worsening loss experience and rising carrier combined ratios began affecting market conditions in some lines at year-end and these trends are continuing into 2009.
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