This PowerPoint report, presented by Robert Hartwig, president of the Insurance Information Institute, at the Annual Issues Symposium of the National Council on Compensation Insurance, discusses whether the perception that the world is becoming a riskier place is real and goes on to look at the challenges and opportunities facing the property/casualty (P/C) insurance industry as the world emerges from financial crisis. The presentation lists a number of factors contributing to the sense of uncertainty, including record tornado activity in the U.S.; earthquakes in Japan, New Zealand, Haiti, Chile; political upheaval in the Middle East; the housing crisis; and the U.S. debt and budget crisis. In the wake of the killing of Osama bin Laden, the report discusses a resurgent terrorism risk and whether the federal terrorism risk insurance program is still necessary. Further sections look at the impact on the U.S. P/C market of the Japan Earthquake and other catastrophes; the effect of the slow economic recovery on workers comp payroll exposures; premium growth trends; financial strength and underwriting; Inflation; and expenses.
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