In 2007, two themes will prevail in the property/casualty insurance industry: the need for better capital management and a drive for innovation, according to Ernst & Young Global Insurance Center.
“The past four years have been marked by unrelenting regulatory scrutiny, unparalleled catastrophic losses and an incredibly vibrant hard market,” said Pete Porrino of Ernst & Young Global Insurance Center. “Together 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.”
A recently released Ernst & Young report states that five key issues will shape 2007 for the property/casualty insurance market:
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