Rate Improving
“There absolutely is a trend of rate improving…In the U.S., we’ve seen property, workers comp, as well as excess casualty and general liability starting to increase.”
—Peter Zaffino, CEO of Marsh Inc, speaking during the company’s Feb. 14 earnings conference call, on the commercial insurance pricing.
Restored Health
“Though housing-related businesses remain in the emergency room, most other businesses have left the hospital with their health fully restored.”
—Warren Buffett, CEO of Berkshire Hathaway, in his annual letter to shareholders on Feb. 25. He said the U.S. economy continues to improve.
Important Step
“China has told us it will open the third-party liability auto insurance market to foreign companies, an important step in the reforming of the financial sector.”
—U.S. Vice President Joe Biden, speaking after meeting with Chinese Vice President Xi Jinping on Feb. 14. Insurance industry groups called China’s decision to open up its auto insurance market a significant step forward, as it represents the result of several years of diligent work by U.S. and Chinese negotiators.
Increasing Opportunities
“Although we continue to see a competitive P/C insurance market, property insurance pricing is improving, and there are increasing opportunities to write adequately priced casualty risks.”
—Weston Hicks, CEO of Alleghany Corp., in his company’s earnings report released on Feb. 24, on the improving commercial insurance pricing.
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