NEW YORK—The property/casualty insurance industry weathered the financial crisis and economic downturn as well as or better than other industries, but any industry growth won't come until an economic recovery gains traction, according to a group of industry executives and experts.

Speakers at this year's Property/Casualty Insurance Joint Industry Forum last week in New York suggested the property/casualty industry's performance in the face of the financial crisis and recession is a testament to the industry's business model and companies' governance practices.

“We're a pretty resilient group,” said Thomas F. Motamed, chairman and CEO of Chicago-based CNA Financial Corp.

“One thing we have to remember is, we're in the business of paying claims,” Mr. Motamed said. “And all of us were liquid and paying claims during the credit crisis.”

Another speaker on the event's CEO panel, Patrick Thiele, president and CEO of PartnerRe Ltd. in Pembroke, Bermuda, said his company used the financial crisis as an opportunity to review its governance process. PartnerRe found that its governance structure worked as designed, so it hasn't made any significant changes in its management or governance as a result of the financial crisis, Mr. Thiele said.

“I think we've always tried to make sure we have transparency,” said Stuart Parker, president of USAA Property & Casualty Insurance Group in San Antonio. “I think with the current environment, it's made us a little more sensitive to that point.”

“Every company is putting greater teeth into its corporate governance and risk management, but also, the rating agencies are much more interested in what you're doing, and the same goes for regulators,” Mr. Motamed said. “It's here to stay and I think we're all going to get better at it.”

With reductions in economic activity and insurable value, property/casualty insurers aren't expecting growth any time soon, however.

“We do need to see a period of sustained economic growth before we're going to benefit from premium growth,” said Sandra Glaser Parrillo, president and CEO of the Providence Mutual Fire Insurance Co. in Warwick, R.I.

Speaking as part of a panel of industry experts, Jay Gelb, director and senior equity research analyst at Barclays Capital, the investment banking division of Barclays Bank P.L.C., in New York, said, “We are modeling a slight increase in premiums in 2011 as the economy grows.” But increases are likely to remain in the single digits, he said.

Another member of the experts panel, Joseph Guastella, partner and leader of the global insurance practice and U.S. insurance consulting practice at Deloitte L.L.P. in New York, said he expects some consolidation in the property/casualty industry, with some companies seeking growth through acquisitions.

Asked whether regulators are concerned about the ongoing soft commercial lines market's impact on some companies' financial strength, another member of the experts panel, Therese M. Vaughan, chief executive officer of the National Assn. of Insurance Commissioners in Washington, said, “Certainly we talk about that a lot.”

But, Ms. Vaughan said, “It's a challenge to identify those companies that are going to become challenged early enough.” It's difficult for regulators to identify those potentially troubled companies in advance unless they are in the process of examining the company, Ms. Vaughan said. “That's something we're struggling with.”

Financial regulatory reform and its possible impact on the insurance industry was another topic addressed by both Joint Industry Forum panels.

Looking at regulatory reform efforts in Congress, Ms. Parrillo said she's worried about the impact of legislation developed by congressional staffers who don't understand insurance, and several panelists spoke of the threat of “unintended consequences” in any regulatory reform.

CNA's Mr. Motamed stressed that for the property/casualty industry it's important that any changes reflect the fact that “we didn't create this crisis.”

PartnerRe's Mr. Thiele agreed, saying he'd like to see any regulatory reforms recognize the difference between the property/casualty industry and other financial services sectors, as well as the fact that the U.S. insurance regulatory system “has done a pretty good job.”

And Hank Watkins, president of Lloyd's North America in New York, noted that Lloyd's supports the idea of a federal insurance office, adding that he'd like to see any regulatory reform not be based on a nationalistic approach.

“Let's keep cool heads,” Mr. Watkins said. “Let's think of the whole world.”

Panelists on both panels noted the significance of international regulatory efforts under way and their likely impact on U.S. insurers and regulators.

“The regulatory thought leadership has moved to Europe,” said Mr. Thiele. “Accounting as well.”

And the NAIC's Ms. Vaughan said she thinks the regulatory reform debate in Washington is less significant than similar discussions taking place internationally.

“International standards as a result of this crisis are going to become more and more and more important,” she said, adding that U.S. regulators are struggling with that fact.

“For those of us that think state regulation has a lot of benefits, we also recognize that it's got some issues,” Ms. Vaughan said. The NAIC has supported a federal insurance office, but Ms. Vaughan said questions remain concerning how it could be structured to help increase efficiency and deal with insurance issues on an international basis, without placing limits on state-based insurance regulation.

The annual Property/Casualty Joint Industry Forum is sponsored by 16 organizations representing various insurance industry interests and audiences.