Although U.S. personal lines insurers face a number of challenges in the struggling economy, key strengths in the industry could offset some of the pain, according to a new report released by Moody's.
In a report titled, U.S. Property and Casualty Personal Lines Insurance Industry Outlook, Moody's said the outlook for the personal lines industry is "stable," citing, among other trends, a competitive but relatively solid underwriting environment, manageable loss trends, and generally good balance sheet strength despite the volatility in the capital markets.
Moody's said the personal lines industry is "somewhat insulated" from the impact of the weakening economy because "coverages are typically mandatory and customers generally continue to pay premiums on their automobile or homeowners insurance even during periods of financial stress."
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