While no sector is immune to the recession, property-casualty insurers are well positioned to weather the economic turbulence ahead and emerge in a strong position when conditions inevitably turn around, many industry experts believe.
Rebecca Amoroso, vice chair and U.S. insurance industry group leader at Deloitte, said while she hates to use the term "crisis," 2009 will make for an extremely challenging year in the insurance industry.
Both Ms. Amoroso and Cliff Gallant, managing director of Keefe, Bruyette & Woods, cited continued write-downs in investment portfolios as the immediate concern for insurers. Mr. Gallant said he believes the write-downs will be severe across the industry, although not as bad as in other financial services sectors.
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