Is the property & casualty insurance economic picture betterfrom the outside looking in, or the inside looking out? A panel ofoutside experts, followed by a panel of insurance company CEOs,considered this question at the Property/Casualty Insurance JointIndustry Forum, held Jan. 13 at New York's Waldorf-Astoria.

When asked by moderator Robert P. Hartwig, president of theInsurance Information Institute and an economist, about the 2015financial outlook for P&C insurers, experts describe theeconomic picture as mixed, with all lines facing rate pressure.Matthew Mosher, senior vice president, Global Ratings at A.M. BestCo., says that personal lines should be stable on rates and losscosts; however, he has a more negative outlook for commerciallines. Reinsurance companies, especially, are dealing with ratepressure, new entrants into the marketplace and shrinkingreserves.

Vincent J. (V.J.) Dowling, managing partner of Dowling &Partners, says he is increasingly concerned about low interestrates continuing for a long time, which lets the government helpborrowers—not savers, such as the insurance industry. He notes thatabout 40% of revenue for insurance companies is from theirunderwriting profits. The companies aren't earning much ininvestments with only single-digit returns.