Reinsurance

The reinsurance industry his past year weathered near-record catastrophe losses, catastrophe-model changes and the pressures of a challenging macroeconomic environment, but unlike 2005, reinsurers were prepared in 2011, according to a report by Guy Carpenter.

The reinsurance industry his past year weathered near-record catastrophe losses, catastrophe-model changes and the pressures of a challenging macroeconomic environment, but unlike 2005, reinsurers were prepared in 2011, according to a report by Guy Carpenter.

Property and casualty carrier employment remained flat in November 2011 relative to the month prior, and agent and broker employment in the month rose to its second-highest level in nearly two years, according to an Insurance Information Institute analysis of U.S. Bureau of Labor Statistics figures.

Australias QBE Insurance Group says a record level of catastrophe claims in 2011 prompted the company to warn investors that its profit will be down up to 50 percent.

Three-quarters of executive surveyed at the Property/Casualty Insurance Joint Industry Forum here say the industry can expect an improvement in profitability in 2012.

Michael T. McRaith, director of the Federal Insurance Office, said he is aware of anxiety that his office will be asking for duplicate data, bogging the insurance industry down in paperwork for what has been perceived as, potentially, an additional regulatory authority.