Category Actuarial / Analytics

Jun
19
2013

Disappearing Risk

2012 saw the ninth year of softening property casualty pricing measured by net written premium as a proportion of US GDP. In 2010 the proportion moved below 3% for the first time since 1974, and it stayed below 3% in 2011 and 2012. In 2003, the peak of the last hard market, property casualty insurance premium represented 3.6% of the total economy; by 2012 the proportion had decreased to 2.9%, a reduction of 0.7 percentage points of the entire economy – a massive movement for the industry.

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