Even though the economic recovery is slow and sporadic, property and casualty insurers are poised for growth this year if they take proactive steps to turn challenges into opportunities.
Unable to depend on investment income due to low interest rates and a volatile securities market, carriers have been paying closer attention to underwriting—often with the support of new and improved predictive analytics—and raising prices for coverage accordingly.
As a result, premiums on average have been on the rise in the middle-single digits for both personal and commercial lines, with accommodations made up or down depending on the individual risk. This trend is likely to continue and perhaps gain momentum this year, particularly in catastrophe-prone areas.
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