My Picks For Top 10 Stories Of The Year

With the amount of money generated by the insurance industry and the fact that its obligations are subject to legal interpretationoften during high-profile court battlesthere is never a shortage of controversy in this business. Thats good news for a newspaperman like myself. What were my picks for Top 10 Property-Casualty Insurance Stories of 2007? Click on to read 'em and weep.

The accompanying list of top stories for 2007 is totally subjective. Indeed, if you feel Ive overlooked a key development, write and tell me so on the comment section below.

Its hard not to tap the soft market as the years top story, since falling prices have such an impact on everyones bottom linewhether you are a buyer, seller or distributor. Going forward, the rising limits, broader coverage and looser conditions offered to attract business will also take their toll on the industrys fortunes.

The way insurer integrity was challenged over Hurricane Katrina claims, then later on the number of homeowners underinsured for California wildfires, was a clear number-two story in my mind, given the political repercussions. Insurers can only hope Washington turns its attention (and wrath) on banks next year following the subprime mortgage crisis, and leaves their industry in relative peace.

TRIA's 11th hour passage in Congress was also a no-brainer, given the widespread impact had Washington failed to extend the federal terrorism reinsurance program. (As this item was posted, note that since President Bush had yet to sign the bill, and with a Dec. 31 expiration looming, TRIA is still technically at risk, although I cannot imagine the President leaving the entire country exposed to massive terrorism losses entering an election year.)

As for the other six choices, take a look and let me know what you think. I'll post a few of them on my blog over the next few days, but feel free to click on the links below and comment at will.

Otherwise, have a very happy holiday!!!

Here goes nothing. My top stories are:

#1: Prices Plummet, With No Letup In Sight

#2: Critics Fry Insurers Over Katrina Claims

#3: TRIA Extension Goes To The Wire

#4: Floridians On The Hook For Billions

#5: A New Sheriff Cleans Up New York

#6: Bermuda Sitting Pretty, But For How Long?

#7: Sicko Exposes Health Insurance Ills

#8: Real Time: Its Now Or Never!

#9: IRS Attack Blindsides Captives

#10: California Fires Burn Insurer Reputations