Insurance industry response to catastrophic events and creating a corporate culture for innovation were among the topics of discussion at last November's annual Executive Conference for the Property-Casualty Industry sponsored by The Conference Board. Held in New York City, NY, the theme of the conference was "Managing Change in the Property-Casualty Industry." Peter R. Porrino, global director of Insurance Industry Services for Ernst & Young, began by asking panelists about the current soft market in the property and casualty arena and what it means for pricing adequacy. Stephen W. Lilienthal, chairman and CEO of CNA Financial Corp, addressed market behavior as it affects pricing. He said that currently there is no fierce competition driving prices down dramatically, even though the market is soft. The second panel at the Conference Board meeting centered on "innovation." Panelists generally agreed that innovation has been critical to the industry's survival and growth. There is a changing dynamic in the property and casualty industry.