I.I.I. Testifies on Competitive Conditions in Global Property and Casualty (P&C) Insurance Markets
This written testimony submitted to the United States International Trade Commission by Robert Hartwig, president of the Insurance Information Institute, discusses how the property/casualty (auto, home and commercial) insurance marketplace is a dynamic, competitive and global business. It follows a public hearing held by the Commission on "Competitive Conditions in Global Property and Casualty (P/C) Insurance Markets". Sections review how the P/C insurance market operates, economic effects of trade in P/C insurance, competition in the industry, factors affecting supply and demand of P/C insurance and foreign markets for P/C insurance. It concludes that the global nature of the P/C insurance business enables the transfer and spread of risk, ensuring that sufficient funds will be available to pay claims to businesses and individuals in the event of loss.
Robert P. Hartwig, Ph.D., CPCU, President, submits written testimony to the United States International Trade Commission on October 2, 2008.
The submission follows a public hearing focused on "Competitive Conditions in Global Property and Casualty (P&C) Insurance Markets". You can download the statement below: