DALLAS--An insurance consultant warned an industry conference here that overall growth and profitability of the property-casualty industry may suffer due to the combined effects of a soft market, the credit crunch and an economic downturn.
"I think we're in for some challenging times ahead," commented Rebecca Amoroso, vice chairperson and U.S. insurance industry leader at Deloitte LLP in a talk during the Inland Marine Underwriters Association's 75th Annual Conference.
Net written premium spiked during the hard market that occurred in the wake of 9/11, Ms. Amoroso said, but with the industry now in the midst of a soft market, she projected that 2008 will see the slowest level of growth for the industry since the late 1990s.
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