P/C Insurance in an Era of Mega-Catastrophes: Overview & Implications

This PowerPoint report, presented by Robert Hartwig, president of the Insurance Information Institute, before the annual conference of the Institute for Business & Homes Safety, discusses the role of and challenges faced by the P/C insurance industry in this time of potential mega-catastrophes.  The presentation includes sections on flood insurance, noting a sharp increase in flood insurance purchases in Katrina-affected states but also high lapse rates in these policies; wildfires losses, including the latest loss estimates for the October fires in Southern California; and lightning loss trends.  It also includes a discussion on the Homeowners Defense Act of 2007, recently passed by the U.S. House of Representatives.  The presentation also focuses on profitability, underwriting trends, premiums, overcapacity and investment.  It concludes that major challenges facing the industry are adapting to the slow growth environment ahead, maintaining price and underwriting discipline, managing the variability and volatility of results, and managing regulatory and litigation threats.

The following presentation is called "P/C Insurance in an Era of Mega-Catastrophes: Overview & Implications". It was presented by Dr. Robert P. Hartwig on November 7, 2007.

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