Today’s edition of WorkCompRecap focuses on news from a survey of leaders from the property/casualty insurance industry conducted by the Insurance Information Institute (I.I.I.) at its 15th annual Property/Casualty Insurance Joint Industry Forum. In a positive vein, 94% of the executives surveyed expect improvements in profitability in 2011.
Both automotive and homeowners garnered favorable outlooks from the attendess, with about 60% responding that they believed profitability would improve in each line. In the views of the executives in attendance however, the outlook for Workers’ Compensation was not nearly as rosy, with 86% of respondents saying they do NOT expect an improvement in workers comp, with 76% not expecting improvements in commercial lines.
Also of note from the forum was commentary made by the president and CEO of Chartis, a subsidiary of recovering AIG, which indicated their belief that Workers’ Compensation remains underpriced in the U.S., and that in the last few years they have exited nearly $2 billion in the industry, and will continue to do so going forward…