As the construction industry is poised to make a comeback after the economic downturn, business leaders and risk managers need to be positioned to take advantage of this growth.
Michael Campo, team leader for the Lockton Construction Services Group in Kansas City will be a part of a free webinar entitled Capitalizing On The Construction Rebound on Wednesday, May 15 at 2 p.m. ET/11 a.m. PT.
Learn about current and projected market conditions, key coverage trends, loss-control best practices, and ways to differentiate your risk portfolio.
Register here for the free, interactive webcast hosted by Property Casualty 360, a leading industry publisher.
Despite large losses from Superstorm Sandy and a challenged investment environment, U.S. Property and Casualty carrier profitability improved in 2012. The improvement came as a result of rate increases and decreased losses from the previous year.
Compared with other regions, Latin America has relatively low insurance market penetration: roughly half that of North America or Europe. The region accounts for roughly 8% of global GDP, but only 3% of global premiums. But, as economic stability and closer integration with the global economy fuel demand in an increasingly mature socio-economic environment, this is beginning to change.
Total insurance premiums across the region amount to around USD 130bn today (predicted to rise to between USD 180 and 190bn by 2016), with non-life premiums accounting for roughly USD 73bn of this. Brazil is by far the largest insurance market, with non-life premiums of around USD 23bn.
AM Best is reporting that commercial insurance rates are generally holding steady to trending slightly higher. In a recent interview with me, Best’s John Weber and I discussed how property catastrophe pricing was starting to dip before Sandy hit the Northeast U.S.
See the video on insights about market trends and what commercial insurance buyers and risk managers can expect from carriers in the months ahead.
With capacity still in plentiful supply, the shock of Sandy has not triggered any knee jerk reaction from insurers or reinsurers. But with continued low investment yields, carriers are attempting to focus on technical underwriting and are re-visiting their wordings. An area of particular focus is the distinction between flood, storm surge and named windstorm and how these are defined. We can expect to see some fine tuning of existing policy language, read more in my report.