The property-casualty insurance industry in 2007 will need better capital management and more innovation, according to Ernst & Young's Global Insurance Center.
The industry in 2006 exhibited strong resiliency with advances in the form of stronger balance sheets, better controls, improvements in risk management and continued advances in pricing techniques, the company said in a statement.
Pete Porrino, Global Director of Insurance, Ernst & Young Global Insurance Center, said: "The past four years have been marked by unrelenting regulatory scrutiny, unparalleled catastrophic losses and an incredibly vibrant hard market," and these factors "have created an unusual window of opportunity, attracting new competitors to the market that have a different view of risk and desire to innovate."
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