In sports terms, 2012 has been what one could call a rebuilding year, as P&C carriers looked to recover from a disastrous 2011 and a string of heavy losses. For many carriers, 2012 was a time to totally reappraise their roster of risks, which meant both exploring new lines of business as well as shedding certain types of perils or getting out of certain regions altogether.
And for the first 10 months, 2012 was shaping up to be a pretty good year. On the technology front, drivers seemed increasingly willing to install telematics devices in their cars—which could result in lower premiums for them and much better risk selection for insurers. AIG continued to make headlines—many of them positive for a change. Overall, rates started to reverse their long decline.
10. Telematics: An Idea Whose Time Has Come
Telematics moved further into the mainstream in 2012, with some of the largest Auto carriers—such as Allstate and State Farm—aggressively pushing the concept to consumers with special incentives for early adopters. A speaker at Insurance Telematics 2012, a conference dedicated to the topic, predicted that by 2019, one-third of all U.S. vehicles will be underwritten based on telematics.
9. Outlook Sunny: Things Looking Up in the Sunshine State
8. Rebound King: After Repaying Its Debts, AIG Rebrands, Continues Turnaround
7. Hot New Coverage: Business Interruption, Contingent Business Interruption
6. That’s Life: The Hartford Shifts Full Focus to P&C
5. D.C. Dispatch: NFIP, NRRA and 2012 Election’s Impact on P&C Carriers
4. Dry County: Crop Insurers Respond to National Drought
3. ‘Direct’ Threat? Commercial Insureds Showing More Interest in Buying Coverage Online Straight from Carriers
2. Harder, Hardening, ‘Harft’: Pricing Up in Some Segments, But No Hard Market—Yet
1. Superstorm Sandy Spoils a (Mostly) Good Year for P&C Carriers