Here are some of 2011's top stories that impacted insurance—and that which may carry over into 2012:

• The year of the cat. From the Japanese earthquake and tsunami right up to early winter storms in the U.S., 2011's unprecedented weather events made it clear that when it comes to natural disasters, you can run but you can't hide. According to A.M. Best, catastrophes cost the U.S. P&C industry about $38.6 billion in losses during the first 9 months of 2011, up 140 percent from the same period in 2010.
• The hardening market. Most industry analysts are predicting that the sheer volume and cost of 2011's cats will finally reverse the seemingly endless soft market. Although not everyone agrees that hardening is inevitable, it's probably a safe bet that at the very least we'll see some tightening of pricing and availability in property coverages.
• The impact of world events. Egypt, Libya and the ongoing European economic crisis: If there was any doubt that we're living in a global economy, the domestic impacts of these big events are proof.
• Weinergate. Although you already may have forgotten the silly scandal involving Anthony Weiner and a cell phone, the potential liability of social networking, cyber hacking and online risk will only grow, especially as more users transition to mobile functions.

What issues are ongoing and growing in 2012?

• More supply chain disruptions. The combination of cats, floundering economies and political unrest began to take a serious toll on global supply chains last year, a trend that's sure to grow in an increasingly connected—and unstable—global economy.
• A growing emphasis on ERM. The Jerry Sandusky scandal underlined the importance of organizations of all sizes and types having a clear understanding of potential liability and building solid risk management systems into the very core of their operations.
• More specialty business. With so many things (cats, politics, the economy, the soft market) out of their control, it only makes sense for independent agents to invest in niche businesses they understand and enjoy. Even if the soft market wanes in 2012, I doubt we'll see a reversal of this trend.
• Political focus on insurance issues. Now that we're in an election year, don't be surprised to see NFIP and crop insurance reform get more attention, as well as fine-tuning of the function of the Federal Insurance Office.