New Jersey's Insurance Markets At The Crossroads: Update On Catastrophes, Fraud And Industry Performance

This PowerPoint report, presented by Robert Hartwig, president of the Insurance Information Institute, before the Insurance Council of New Jersey, focuses on the state of New Jersey’s insurance markets. The presentation begins with a fact sheet on the state and includes a summary of the New Jersey and U.S. property/casualty insurance industry’s financial performance, discussing growth, profitability, capacity and financial strength. A further section looks at the no-fault (PIP) crisis in New Jersey and other states, noting that no-fault costs in New Jersey are the second highest in the U.S., following Michigan. The report concludes with a lengthy section reviewing catastrophe loss developments and trends globally, in the U.S. and in New Jersey. The presentation reports that from 1998 to 2011 insurers paid over 718,000 catastrophe claims totaling more than $2.9 billion in New Jersey.