2011 Vermont Captive Insurance Association ConferenceReprints
BURLINGTON, Vt.—Events including the U.S. debt and budget crisis and Standard & Poor's Corp.'s downgrade of the U.S. debt rating continue to fuel a climate of fear and provoke the question, “What in the world is going on?” said Wednesday morning's keynote speaker at the annual conference of the Vermont Captive Insurance Assn.
But, the impact of those events, along with catastrophe losses occurring at a record pace, are not going to lead to a turn in the insurance market, said Robert P. Hartwig, president and chief economist at the New York-based Insurance Information Institute.
Despite all the attention given S&P's recent rating action, it will have no impact on the solvency, liquidity or claims paying ability of U.S. property/casualty insurers, Mr. Hartwig said. ...Read more