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The global property/casualty insurance market has been forecast to increase at a compound annual growth rate (CAGR) of 3.1% over the next five years, to reach a market value of US$1,624 billion in 2017. An increase in sales of motor vehicles and overall business growth in gulf markets due to strong growth in Saudi Arabia and UAE are anticipated to boost the industry globally.
Property/casualty insurance is insurance on homes, cars, and businesses. Technically, property insurance protects a person or business with an interest in physical property against its loss or the loss of its income-producing abilities. Casualty insurance mainly protects a person or business against legal liability for losses caused by injury to other people or damage to the property of others.
With severe weather-related events ranging from hurricanes, tornadoes, severe thunderstorms, flooding, blizzards, and wild fires all featuring prominently in the news the past several years, more and more attention is being paid to the property/casualty insurance market.
The revenue of the industry grew during 2010-2011 as the underwriting results remained flat due to competitive pricing and inadequate rates in many market segments. The low interest rates made it difficult to generate adequate returns from investment activities in 2011.
The property/casualty market outlook in the US is one of continuing challenges for individual insurers. Many of the same factors that fostered the soft market conditions in recent years remain in play.
New York-area businesses renewing their property-casualty insurance policies for 2013 will most likely see rate increases, but super storm Sandy will not be entirely to blame. Insurance agents say the property-casualty market was already under pressure before Sandy hit the East Coast last Monday and racked up an estimated $10 billion in insurance losses.
Carriers trying to make up for the soft market that kept rates low for the better part of a decade, as well as poor investment income, contributed this year to price increases of about 5%.
For more information on the property/casualty insurance market, see the latest research: Property/Casualty Insurance Market
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