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Insurers face significant hurdles as they attempt to bolster their top and bottom lines this year, according to a Tuesday report by Deloitte L.L.P.
Continued sluggish economic growth in the United States and Europe means businesses are hesitant to launch new ventures, thereby limiting organic exposure growth for property/casualty insurers, Deloitte said in “2012 Global Insurance Outlook: Generating Growth in a Challenging Economy Takes Operational Excellence and Innovation.”
Low interest rates are putting a damper on investment income for property/casualty and life insurers, according to the report.
Despite such challenges, insurers still can generate profitable growth. They can do so by “tweaking existing products and launching new ones,” according to the report. They also can reconsider distribution systems and marketing strategies.
“At the same time, insurers must keep transforming their operations to improve margins and drive more profit to the bottom line,” Deloitte said in the analysis.
Doing so involves adopting new technologies and management strategies to eliminate unnecessary costs. Insurers also can use their people and capital more productively, Deloitte said.
The fourth-quarter 2011 revenue outlook for large insurance brokers is positive, according to an analysis released Tuesday by investment bank Keefe, Bruyette & Woods Inc.