Overall growth and profitability in the property-casualty insurance industry may suffer due to the combined effects of a soft market, the credit crunch and an economic downturn, a leading consultant warned here.
“I think we're in for some challenging times ahead,” said Rebecca Amoroso, vice chair 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 in the wake of 9/11, Ms. Amoroso noted–but with the industry now in the midst of a soft market, she projected that 2008 will see the slowest level of growth since the late 1990s.
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