Overview
Global consulting firm EY gives its outlook on how changing external forces and stronger international operating fundamentals will characterize the 2014 property/casualty insurance market environment in the U.S. These evolving forces include the economic environment, interest rate conditions, the industry’s capital position and its effect on competition, and the pace of technological change. Other pressures include the increasing empowerment and marketplace expectations of the consumer, the stricter regulatory environment and the increasing frequency and volatility of catastrophes. These forces are expected to have an even greater impact in 2014 on the performance opportunities for U.S. property/casualty insurance companies and on their strategic decisions. In contrast, these forces have not had as great an impact in 2013. The economy and interest rate trends appear stable, if not improving; catastrophe experience has been moderate, at a time when pricing for reinsurance protection is improving; and capital levels continue to increase on pace with premiums. Nevertheless, these issues remain volatile and their impact should not be underestimated in 2014.
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