What can insurers do to shape their own destiny, rather than acting like victims of circumstances beyond their control?
That was the question I came away with after attending the annual “family reunion” for company and association leaders, better known as the Property and Casualty Insurance Joint Industry Forum, convened recently in New York. The latest industry-wide results (through the first three quarters of 2013) were stellar for the business, as reported by the Property-Casualty Insurers Association of America and ISO. Net written premiums were up 4.2 percent. There was a $16.7 billion swing in underwriting — with insurers cumulatively recording a gain last year of $10.5 billion, versus a $6.2 billion net loss in 2012. The industry's profitability barometer —the combined ratio—was solidly in the black at 95.8, down from 100.7 the year before. Net income soared nearly 55 percent to $43 billion.
Those are very good numbers indeed, but insurers in general tend to be a cautious lot, which is not surprising given what they do for a living. They are trained to hope for the best but be prepared for the worst.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
