News

A provision in upcoming financial services reform legislation that will subject large insurers to federal oversight is running into heavy opposition from various industry groups, including state insurance legislators.

Property and casualty insurance industry net income nearly tripled in 2009, to $35 billion, according to the Highline Data Performance Monitor.

An economic recovery could halt the movement by standard carriers into markets traditionally served by excess and surplus lines insurers, industry experts said.

Liberty Mutual Chief Executive Officer Edmund F. Kelly, said he takes a "bearish" view of the future of the economy with his biggest concern being inflation, which he sees as almost inevitable in a few years.

Hannover Re Group reported net income rose substantially for 2009, up EUR858 million ($1.17 billion at the current exchange rate) compared to a loss for 2008.

U.S. insurers regained lost ground in 2009 with the property and casualty sector's net income nearly tripling, to $35 billion, according to the Highline Data Performance Monitor.