Insurance company runoff operations are encountering increased scrutiny from reinsurers and regulators, according to a consulting firm survey.
The study of 60 U.S.-based insurers by PricewaterhouseCoopers in New York found that the industry is dealing with some aspects of runoff management fairly well, while struggling with other aspects. The report was written by Andrew Rothseid, a PWC partner.
Eighty-three percent of respondents indicated strategic plans are in place for their runoff operations. In most cases, those plans are supported by financial forecasts, and performance of management and staff is measured by whether they attain the goals set out in the financial model, PWC found.
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