After re-emphasizing that Standard & Poor's rating action on U.S. long-term sovereign debt will have little, if any, effect on the insurance industry, Robert Hartwig, president of the Insurance Information Institute, said there are some underlying economic conditions that need to be looked at.
“What in the World is Going On?” was the theme of his talk given during the Vermont Captive Insurance Association's 26th annual conference in Burlington, Vt.
Tracking comments made previously, Hartwig said the downgrade “has little practical impact…This has basically no impact on the solvency, the liquidity or the claims-paying capacity of the property and casualty insurance industry—basically none.”
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