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Industry experts believe 2011 will be profitable year for insurance providersPosted On Wed, January 12, 2011
The property insurance industry was one of the thousands of industries adversely affected by the 2008 financial crisis, but could the worst of the recession be over? Insurance experts sure think so.
According to a new survey conducted by the Insurance Information Institute, 94 percent of property/casualty insurance experts believe 2011 will be a year in which the industry turns a profit.
"Looking to 2011, exposures will continue the growth we saw in the second half of 2010, as the economy continues its recovery, implying increases in insurance premium volume," said III senior vice president Dr. Steven Weisbart.
But experts weren't optimistic about all aspects of the insurance industry in 2011. More than half of the 250 property/casualty insurance representatives surveyed disagreed with Weisbart about the growth of insurance premiums, as 69 percent said premium growth would either stay the same or decline in 2011.
They also weren't bullish about the U.S. Congress passing the Dodd-Frank Act last July, which changed the regulatory structure of the financial services industry. Just 8 percent of respondents believed it would be a boon for the insurance industry, 59 percent believing it wouldn't affect insurance one way or the other.
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