Personal auto insurance will not improve in profitability overall in 2000, according to a poll by the Insurance Information Institute (I.I.I.). The poll was conducted at I.I.I.’s fourth annual p/c Insurance Industry Joint Industry Forum.
Eighty-seven percent of respondents said there will be less profitability, more so than in other major lines of business. In contrast, 51 percent said they expect improvement in profitability in workers’ compensation insurance.
Ninety percent see consolidation among insurers and reinsurers continuing in 2000.
Survey respondents see the Internet as a major influence in the industry for 2000 and beyond. Sixty-nine percent said the Internet will pose a major challenge to the traditional insurance distribution system over the next five years.
A considerable majority, 61 percent, said they think there will not be a surge in merger and acquisition activity between banks and property casualty insurers.
The I.I.I.’s survey can be found at http://www.iii.org/media/issues/survey_results2000.html
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