Evidence shows insurers may not have been properly prepared for our last major hard market, based on the staggering losses companies experienced. Four of the six largest underwriting losses in the history of the U.S. P&C insurance industry occurred during 1999-2002, with cumulative underwriting losses reaching $138 billion.
The commercial insurance market appears to be hardening again. The 2012 Risk and Finance Manager Survey found that nearly two-thirds (63 percent) of survey participants were either seriously or moderately concerned over a hardening P&C insurance market. Another one-third (32 percent) expressed slight concern.
Instead of just being concerned, take action. With the P&C market likely to continue hardening in 2012 and into 2013, it is imperative for insurance companies to stay ahead of the market and proactively manage the rates of their books of business. Perr&Knight is available and ready to assist with those reviews, as well as the preparation and submission of rate filings.
We take specific interest in commercial analysis, including these lines of business, among others:
Perr&Knight annually submits thousands of filings and is experienced in every line of business and in all states. We are among the top ten largest P&C actuarial consulting firms in North America, with skilled actuaries available to review program experience, analyze industry trends, recommend changes, and prepare filing packages. We are experts at submitting filings with a proven track record of receiving approvals, even in highly regulated states such as California, Florida, New York, and Washington.
If you’re interested in staying ahead of the market, Perr&Knight can help get you there. For more information, please download the following brochures: