NEW YORK--Insurers' potentially record-setting profits this year might lead to serious future problems, an industry leader advised colleagues at a meeting here.
Lloyd's USA president Wendy Baker, speaking Thursday at the 18th Annual Executive Conference for the Property-Casualty Industry sponsored by Ernst and Young and National Underwriter, said regulatory reluctance to permit profitable rates along with sluggish premium demand bode ill for the future of the industry in coming years.
Surplus approaching $500 billion in three years could lead to an oversupply that will put further pressure on the industry bottom line, she told the New York audience.
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