NEW YORK–Falling interest rates and stalled premium growth mean the best returns on equity the property-casualty insurance industry can hope for in coming years will be high-single-digit returns, an expert said here.
Robert P. Hartwig, president of the New York-based Insurance Information Institute, delivered that message to a group of over 100 area actuaries at a meeting of the Casualty Actuaries of Greater New York yesterday.
"Interest rates are lower than they were a decade ago. They're falling and they're going to fall again," Mr. Hartwig said, noting that volatile stock market returns add to a bleak investment picture that has so far kept insurers focused on maintaining good underwriting results.
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