While 2008 was a year that no company in the financial services industry would choose to repeat, property and casualty insurers fared better than their colleagues in other more volatile market segments.
But the p-c sector isn't exempt from the turmoil facing the broader financial markets and other insurance sectors. In fact, we are seeing visible changes–including a hardening of certain markets–and should anticipate new regulation as legislators seek to prevent future crises in the financial services industry.
To maintain profitability in the new economic and regulatory climate, p-c insurers are getting back to fundamentals, focusing on operational excellence–including solid rating and underwriting–to reduce risk and maintain rates in a volatile market.
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