News

The U.S. property and casualty insurance industry has a problem attracting talent and fails to make the coordinated effort needed to find a remedy, according to McKinsey & Company.

At the 14th annual P&C Joint Industry Forum, experts talked about how the industry is able to focus on its core business of transferring risk and paying claims amid the economic crisis.

In response to high fuel prices, several car makers are introducing a smaller class of vehicles. But these cars may be prime candidates for totaling out, and the potential impact of more total losses on the collision repair marketplace could be huge.

The U.S. property and casualty insurance industry has a problem attracting talent and fails to make the coordinated effort needed to find a remedy, according to McKinsey & Company.

Revising its estimate upward, Eqecat catastrophe modeling firm said it now estimates economic damage from Tuesday's earthquake in Haiti to be in the low-single-digit billions of dollars.

State legislatures around the nation will likely not enact any major reforms to their workers' compensation laws this year, an insurer's representative predicted at an industry conference.

Publicly traded property and casualty insurers should report good earnings for the fourth quarter of 2009, but the 2010 outlook "remains dim," Keefe, Bruyette & Woods stock brokerage said.

U.S. insurers should be proactive in developing improved solvency practices given the expected change in the regulatory landscape, said Donald Light, senior analyst for Celent insurance group.