National Underwriter P&C September 19, 2011
Chartis CEO Charts Peter Hancock discusses weathering the bailout of AIG, talent-retention, growth opportunities and the benefits of being big.
Medical-malpractice insurers are enjoying profitable results, even though rates are decreasing. “It’s a good time to be in this line of business,” says Robert Allen, senior vice president of medical-professional liability for Torus.
To say the past few years have been a challenge for mutual insurers would be an understatement with as they’ve dealt with an almost decade long soft market, a prolong economic downturn and record catastrophe numbers this year.
Buyers and brokers discuss doing business with Chartis three years after the government bailout of its parent company, AIG.
In the view of industry analysts, Chartis is moving in the right direction, but “there’s still a lot of fixing to do,”
A recent survey of commercial insurers indicates rates are beginning to harden, but brokers speaking at the Reinsurance Rendezvous in Monte Carlo paint a picture of an uncertain market, particularly for reinsurers, and of executives searching for direction on how to be profitable.
Specialty insurers increased premium at an average 4 percent annual-growth rate over the past five years, beating the industry average, which remained close to flat over that time, a Conning Research & Consulting report says.
With global gross-written premiums (GWP) for the P&C insurance industry standing at $1.15 trillion, the United States still ranks No. 1 in premium volume, but expansion of the marketplace remains a challenge for insurers, according to Aon Benfield.
Recent Hurricane Irene estimates put U.S. insured losses between $1.6 billion and $6.6 billion.
A beleaguered Texas continues to battle new outbreaks of wildfires across the state, and the Insurance Council of Texas says losses could reach a quarter-billion dollars as the number of homes lost rises to close to 2,000.
Extension of the National Flood Insurance Program (NFIP) could be complicated by the decision of members of the Senate Banking Committee to provide bipartisan support for adding a provision in the NFIP that would split the difference on the sensitive “wind-vs.-water issue.”
All publicity is good publicity,” the saying goes. Somehow, I bet the employees of AIG would beg to differ with that statement.
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