Reinsurance

Three-quarters of executive surveyed at the Property/Casualty Insurance Joint Industry Forum here say the industry can expect an improvement in profitability in 2012.

Michael T. McRaith, director of the Federal Insurance Office, said he is aware of anxiety that his office will be asking for duplicate data, bogging the insurance industry down in paperwork for what has been perceived as, potentially, an additional regulatory authority.

Scott R. Wallace, president and chief executive officer of Florida Citizens Property Insurance Corp., has abruptly resigned for personal reasons.

The global reinsurance industry seems poised for a turn, as multiple factors are increasing the demand for reinsurance, but the short memory of the insurance industry could cause soft-market pricing to return in a hurry as the sting of recent losses fades, according to A.M. Best.

It probably comes as little surprise that 2011 was significant in terms of insured losses from catastrophes, but the loss figures have less to do with the number of events as where they took place, according to industry representatives.

Only catastrophe-exposed and loss-affected reinsurance contracts experienced any significant upward movement in rates, according to one top executive.