Has the insurance industry finally gotten over its Spitzer hangover? Late last month, of 260 senior executives surveyed while attending KPMGs 18th annual Insurance Industry Conference in New York, only 16 percent said regulatory and market conduct risk posed the greatest threat to the insurance industry, down dramatically from 46 percent the year before.
This year, with the market softening faster, wider and deeper, 49 percent of the executives queried ranked pricing risk as their biggest concern–up from 30 percent the year before.
Record catastrophes and terrorism exposures also prompted concern over concentration of risk to tick upward–from 3 percent to 15 percent, the survey found. (For the full story, click here.)
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