In spite of the uncertain economic environment and limited investment income opportunities, property & casualty insurers will be able to pursue growth opportunities in 2013 through acquisitions, international global expansion, and product solutions that target new insurable risks and coverage, predicts Ernst & Young in its Global Insurance Center U.S. Property-Casualty Outlook.
“Outperforming competitors will require insurers to maximize customer profitability and persistency by continuing to invest in infrastructure, systems, intellectual capital, and technology,” says David Hollander, Global Insurance Advisory Leader at Ernst & Young LLP. "Insurance carriers can seize growth opportunities by improving analytical and decision-making capabilities, cross-selling products, and using marketing data to increase customer retention and encourage business expansion. Growth and profitability strategies need to be developed across the enterprise and balanced against the risks they may produce.”