Deloitte released its annual Insurance Industry Out- look for this year, and the document examines in- dustry strategies, and sheds light on a number of emerging trends such as breakthroughs in technology and an uptick in premiums. The report further reveals that
property-casualty insurers in the United States saw major underwriting losses to the tune of $5.1 billion.
This is more than double the first half of 2017. What is emerging,
as a result, is a ‘soft market’ in the auto and property-catastrophe
Other key findings include rising car insurance premiums, as
well as increased difficulty in selling life insurance and annuity
policies. According to the report, there will be hikes in property-catastrophe premiums, especially in reinsurance, a trend we can
expect to see moving forward. Deloitte’s Outlook also forecasts a
‘large share of U.S. P&C premium gains’ stemming from higher
auto insurance rates.
These are some of the more obvious impacts on insurers; but
what about the factors affecting them? Several top insurance and
related-industry professionals share their take on what had the
most impact on insurers in 2018.
By Moshe Beauford
YEAR IN REVIEW:
5 FACTORS AFFECTING