Executive Search Firm News - Insurance Industry Concerns

Concerns mounting for insurance industry

Exposure to catastrophic loss and overestimating the impact of 2005’s record catastrophe losses on the price and availability of coverage in 2006, top the list of concerns insurance industry executives must face.

While these issues are a priority for industry executives, differing views on the scope and intensity of insurer pricing power mean insurance executives need to take a hard look in their decision-making, warns the Insurance Information Institute’s “Groundhog Forecast for 2006.”

Forecasts for net written premium growth in 2006 range from a modest 1.3 percent to a high of 6.5 percent, according to Dr. Robert P. Hartwig, CPCU, Senior Vice President and Chief Economist at the institute.

“The catastrophe factor has greatly overshadowed concerns about pricing and underwriting discipline, the industry’s historical nemesis,” the forecast notes, referring to the multitude of natural disasters to hit the nation in 2005 – most notably Hurricane Katrina on Aug. 29.

Other major external risks in 2006 are:

• Tort costs
• Asbestos
• Terrorism

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