Commercial Lines

Summer floods and hailstorms will cost the German insurance industry almost $9.7 billion for 2013, the biggest bill for damages the industry has faced in more than a decade, an industry report shows.

A.M. Best says the P&C industry could see its first yearly underwriting profit since 2009, but commercial lines underwriting results saw some deterioration in the third quarter, and the ratings agency reiterated concerns about the industry's reserve position.

The 2014 outlook for the global P&C industry is stable thanks to expected premium growth from the economic recovery and stable-to-rising penetration rates, says Moodys Investors Service.

Two common themes emerge when talking with risk managers renewing their insurance programs: In terms of rates, staying flat is the new win, and effective risk management in 2013 helped to maintain or lower rates for this year.

This past year saw the industry faced with issues both new and old. Some events were noteworthy for their general news impact, others for their direct influence on the property and casualty industry, and still others for the massive amount of interest they generated among PC360's readership.

This past year saw the industry faced with issues both new and old. Some events were noteworthy for their general news impact, others for their direct influence on the property and casualty industry, and still others for the massive amount of interest they generated among PC360's readership.