I.I.I. shares latest economic data with PIWA Conference

Attendees at the recent Annual Conference of the Professional Insurance Wholesalers Association of New York State, Inc. were briefed on the economic data that most closely affects the insurance industry. Steven Weisbart, Ph.D., CLU, vice president and chief economist at the Insurance Information Institute, presented selected information and tied it to forecasts that could show the way in 2010 and beyond.

By permission, Weisbart’s presentation can be viewed here.

Some highlights: U.S. property-casualty premiums are experiencing their slowest growth rates since 1943. In fact, negative growth has prevailed since 2007. After robust industry profits in 2006 and 2007, profits slid steeply in 2008. The outlook is dim for 2009, and underwriting gain/loss is back in negative territory. Policyholder surplus has declined since 2007. (Historically, hard markets follow when surplus growth is negative.)

Weisbart took part in a panel discussion entitled “Due diligence: Charting a prudent path in a shaky environment,” moderated by Michael DeFeo, vice president, NIF Group, with featured speakers: David Blades, CPCU, senior financial analyst, A.M. Best Co.; Patricia Roberts, president, General Star Insurance Co.; Matthew B. Scott, president, Penn-America Group; and Gary Ricker, president, Pacific Pro Intermediaries.