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The catastrophes of 2011 were notable for their frequency and severity, and insureds should take away lessons from the year regarding what to look for in insurance policies to maximize coverage for future events, insurance broker Marsh says.

Workers compensation combined ratios remained unsustainably high in 2011, and investment returns were not high enough to generate sufficient operating returns, but premium growth in this line indicates that the worst of the recession has passed, and the industry remains well capitalized for the future, according to NCCI.

Markel Corp. indicates talk of a hard market may be premature because insurers are not exhibiting the same underwriting discipline for new business as they are for renewals.

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Switzerland's Zurich Insurance Group beat expectations on Thursday with a 78 percent rise in first-quarter profit, helped by fewer large natural catastrophes than the year before, and said premiums were set to rise.