The record catastrophe losses of 2005 have given actuaries new muscle in setting carrier underwriting policy, said reinsurance experts at an industry educational gathering yesterday.
Speaking at the Chartered Property Casualty Underwriters Society reinsurance forum yesterday in Philadelphia, the chief operating officer of a small mutual casualty company said that engineering a major turnaround was not enough to sustain any reinsurance price breaks this year.
Lanny Strain, executive vice president of Fire Districts of New York Mutual Insurance Company, said his organization was hit with nearly 30 percent reinsurance price hikes in both 2005 and 2006 despite improvement in his company's surplus picture. "The green years don't count. All they look at are the red ones," he said. "Basically, the actuaries are now in charge."
Continue Reading for Free
Register and gain access to:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.