Survival Greatest Challenge for Insurers

Wednesday, June 9th, 2004 Liability Property

With all signs pointing to increasing competition in U.S. property/casualty markets, the most important challenge many insurers face may be survival itself, an industry leader said Tuesday. In remarks at the 76th Annual Insurance Accounting & Systems Association Conference, ISO Chairman, President and CEO Frank Coyne said competition is intensifying even though the property/casualty industry continues to suffer from lackluster profitability and loss-reserve deficiencies. With resurgent competition threatening to undermine insurers' profitability and their balance sheets as they confront other challenges, "the biggest challenge facing many insurers may very well be survival itself," said Coyne.

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http://www.insurancejournal.com/news/national/2004/06/08/42973.htm

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