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This PowerPoint presentation by the Insurance Information Institute’s president and chief economist at a meeting of the Insurance Institute of Michigan contains detailed charts and tables focusing on trends, forecasts and the financials of the property/casualty insurance industry. The report notes that personal and commercial lines results were unsustainably good in 2006, with overall profitability reaching its highest level in almost 20 years (an estimated 14 percent). Underwriting results were aided by a lack of major catastrophes and favorable underlying loss trends, including tort system improvements. The report includes an in-depth analysis of the Michigan insurance market performance. It notes that the decline in direct written premiums in Michigan for the period 2004-2005 was a marginal 0.50 percent, compared with a nationwide average increase of 2.5 percent. A chart shows that property/casualty insurers in Michigan turned in a mixed profit performance, compared with the nationwide average, for the period 1991-2005. In recent years, profitability in Michigan’s homeowners and several key commercial segments have outperformed the U.S., while private passenger auto has lagged far behind. On the national level, the presentation discusses a number of major challenges for the industry, including a slow-growth environment, the need to maintain price and underwriting discipline and the need to manage variability and volatility of results.
The following presentation is called "Overview & Outlook for P/C Insurance: Focus on Michigan Markets". It was presented by Dr. Robert P. Hartwig on June 19, 2007.
Please click on the file name below to view the presentation. Once open, you can choose "file" from your menu and then save the PowerPoint presentation to your disk. The presentation also is available in Adobe Acrobat format. The Adobe Acrobat file is smaller and faster to download. However, you do need the appropriate software to view. You can download Adobe Acrobat, free of charge, from their website ( http://www.adobe.com/products/acrobat/ ).
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