With 2010 in the rearview mirror, it is now time to focus on 2011.

The year just ended, like the two tumultuous years before it, proved to be an important one for the future of the property and casualty insurance industry. The tsunami of major economic, political and regulatory events of 2010 will not only fundamentally reshape the industry but also alter its growth and profitability trajectories for years to come.

On the economic front, 2010 was a year with one foot still firmly planted in the recessionary gloom and economic turmoil resulting from the global financial crisis. Premium growth languished for much of the year as demand for most types of property and liability coverage remained slack and insurance buyers in personal and commercial lines alike continued to pinch pennies.