Changes will be occurring in the property and casualty insurance industry according to Dr P Robert Hartwig, president of the Insurance Information Institute. He talked about these changes or "mega-trends" at the NCCI Annual Issues Symposium in Orlando last fall. One of the mega-trends that Hartwig identified is "stagnant growth." Recent growth figures are eerily reminiscent of the soft market of the late 1990s when growth rates hovered around 2%. Erosion of tort reform is another of Hartwig's mega-trends. He points out that over the past six years, the tort environment has become more pro-business, which is driving down the overall cost of insurance. While this has been good news for many business owners, there is a genuine concern in the business community that the tort pendulum will soon begin to swing against corporate defendants.
THE END OF INSURANCE? Michael J Moody Rough Notes; Mar 2009; 152, 3; Docstoc pg. 16 Reproduced with permission of the copyright owner. Furth
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