Surety Marketplace Update drw6

Surety Marketplace Update drw6

13 Pages · 2009 · 574 KB · English

Current Market Overview According to the Surety & Fidelity Association of America (SAA) results for 2008 indicate that the surety industry produced earned revenues of

Surety Marketplace Update drw6 free download


Current Market Overview According to the Surety & Fidelity Association of America (SAA) results for 2008 indicate that the surety industry produced earned revenues of $5.41 billion and direct incurred losses of $685.85 million. The 2008 year-end results compare favorably to the 2007 results of approximately $5.21 billion in earned premium and losses of $980.7 million. In 2008, earned premiums increased year-over-year by roughly $224 million, or 4.33%, while losses decreased by $293.0 million, or roughly 30%. Velocity of earned premium growth slowed in 2008, but more important to the industry, loss activity decreased. The surety industry has now demonstrated stable loss results since the first quarter of 2006. While not evident in the results recorded to date, the overall financial impact of the credit crunch may have begun to impact surety providers, based on the numerous credit rating downgrades and bankruptcies seen in the past several quarters. Surety companies are beginning to recognize these trends in their underwriting as evidenced by increased pricing, additional indemnity provisions and/or new or increased collateral requirements. Additionally, sector-specific financial declines have drastically reduced or eliminated unsecured surety credit for industry groups such as auto-makers, airlines, home-builders, mortgage brokers, retail businesses and certain financial institutions. The economic conditions have also impacted the reinsurance community. Swiss Re recently announced that they will greatly reduce their position in the area of Credit Solutions. In the past, Swiss Re had been one of the largest and most consistent reinsurers in the surety industry. While reinsurance capacity remains available for surety, this change illustrates the need for insurance capital to focus on select risk and dedicate capital resources to business lines with the highest predictability and margins. In the Contract Surety sector, the industry outlook

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