The property/casualty insurance industry is wrestling with a troubling paradox: how to cut costs without compromising quality.
Executive SummaryExecutives from J.D. Power's insurance operation provide a detailed look into the drivers of lower satisfaction scores that property carriers are getting from policyholders for claims handling, delving into initial service interaction, estimation, repair and settlement areas of the claims process.
The U.S. P/C Composite rate was down 4 percent in December 2015, according to MarketScout. And considering property lines alone, Willis projects that rates will shrink at least another 12.5 percent for catastrophe-exposed risks and 10 percent for non-catastrophe in 2016, driving a cycle of reduced profitability industrywide.