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The Property Casualty Insurance Industry: Issues and Forecast. Gary Vallo CEO Middlesex Mutual Assurance Holyoke Mutual Insurance. Country Insurance and Financial Services Insurance Pool. A reinsurance pool of insurance companies Middlesex Mutual joined in 1997 Holyoke joined in 1998

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The property casualty insurance industry issues and forecast l.jpg

The Property Casualty Insurance Industry:Issues and Forecast

Gary Vallo

CEO

Middlesex Mutual Assurance

Holyoke Mutual Insurance


Country insurance and financial services insurance pool l.jpg
Country Insurance and Financial Services Insurance Pool

  • A reinsurance pool of insurance companies

    • Middlesex Mutual joined in 1997

    • Holyoke joined in 1998

  • One of the top 50 P&C insurers in the US

  • Countrywide distribution of products

  • Rated A+ by A.M.Best



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The Insurance Industry has weathered some major catastrophes in the past 10 years

Source: Insurance Services Office


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But industry capital appears strong compared to underwriting commitments ...

Source:A.M. Best

MMA est.


And profitability is improving l.jpg
… and profitability is improving commitments ...

Source:A.M. Best& NAII


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… but some dark clouds remain on the horizon commitments ...

  • Reserve adequacy

  • Exposure to catastrophic loss

  • Poor competitive environment


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Competitive Environment commitments ...

  • Too many companies

  • With too little difference

  • In a low growth marketplace

  • With cumbersome, anti-competitive regulation


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The future, for the weak, remains bleak ... commitments ...

Source:A.M. Best


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Forecast commitments ...

  • Pace of consolidation and strategic partnering will heat up

  • Gradual melting of profit margins

  • Continued glacial rate of regulatory change

  • Strengthening winds along the Atlantic coast