Advisen Webinar: The Insurance Market in 2011:
The Lingering Effects of the Recession Fuel Competition-Sponsored by Zurich
December 14th, 2010
Our most recent webinar "State of the Market" sponsored by Zurich is available on demand, please feel free to pass it along to colleagues and friends.
The commercial property & casualty insurance industry is overcapitalized, which fuels price competition. Insurers look to put excess capital to work, which results in a glut of insurance capacity and a highly competitive market. One or more large natural catastrophes could soak up excess capacity, leading to higher premiums across the board. In the absence of large losses, however, the soft phase of the commercial insurance pricing cycle, which began in 2004, continues unabated. Along with favorable prices, competitive conditions have enabled some larger insurance buyers to negotiate broader coverage under their policies.
To listen to/view slides from this Advisen Webinar: The Insurance Market in 2011: The Lingering Effects of the Recession Fuel Competition-Sponsored by Zurich, please click below.
About Zurich
Zurich in North America is a part of Zurich Financial Services Group (Zurich), an insurance-based financial services provider with a global network of subsidiaries and offices in North America and Europe as well as in Asia Pacific, Latin America and other markets. Founded in 1872, the Group is headquartered in Zurich, Switzerland and employs approximately 60,000 people serving customers in more than 170 countries, including more than 9,500 employees in North America.
Zurich entered the U.S. market in 1912. According to Highline Data LLC (NAIC 2008), Zurich in North America (www.zurichna.com) is the second-largest writer of commercial general liability insurance and the fourth-largest commercial property-casualty insurance company, serving the global corporate, large corporate, middle market, specialties and programs sectors. Zurich's risk engineering services in the United States are provided by Zurich Services Corporation.
The Insurance Market in 2011: The Lingering Effects of the Recession Fuel Competition
The commercial property & casualty insurance industry is overcapitalized, which fuels price competition. Insurers look to put excess capital to work, which results in a glut of insurance capacity and a highly competitive market. One or more large natural catastrophes could soak up excess capacity, leading to higher premiums across the board. In the absence of large losses, however, the soft phase of the commercial insurance pricing cycle, which began in 2004, continues unabated. Along with favorable prices, competitive conditions have enabled some larger insurance buyers to negotiate broader coverage under their policies.
Contributing to the soft market is the Great Recession. The economic slowdown meant there was less to insure as companies downsized or went out of business. As a result, the demand for insurance capacity tumbled, and insurers have competed vigorously for their share of a shrinking market. Economists say that the recession has ended, but recovery has been slow, keeping pressure on premiums. Barring a large catastrophe, which could soak up excess capacity and trigger a reversal of the present soft insurance market, insurance buyers can anticipate competitive pricing conditions throughout most of 2011.
The Insurance Market in 2011: The Lingering Effects of the Recession Fuel Competition examines trends and developments in the commercial property & casualty insurance market and offers insights into the forces that will shape the market in 2011 and beyond.
Price: Free
