A Special Edition of
National Underwriter, P&C E-News
Top 10 Stories of 2009
NU's Top-10 Insurance Stories Of 2009

BY SAM FRIEDMAN

As I scanned all the 2009 editions of National Underwriter, picking candidates for my annual choices as the year's top insurance stories, one thought kept crossing my mind—it could've been worse.

No one will look back fondly on 2009. The economy was in a shambles. Insurable exposures disappeared at an alarming rate. The investment markets—especially in the first half—were volatile at best.

The following list reflects my personal choices for the Top-10 P&C Insurance Stories of 2009. If you feel I've left a big story out, by all means let me know it by e-mailing me at [email protected], or filing a comment on my blog, at www.NUSamSoapBox.com. Click here for entire article


#1: Invisible Hard Mkt. Nowhere To Be Seen SPONSORED BY
Back in January, Brian Duperreault, president and CEO of Marsh & McLennan Companies, said the property and casualty industry was entering its "first 'invisible' hard market."… Click here for entire article
#2: P&C Firms Might Dodge Regulatory Bullet  
Although the need for a federal bailout of the troubled American International Group created demands for strong federal regulation of insurance, to this point the industry appears to have preserved state oversight for property and casualty carriers… Click here for entire article
#3: Health Bill Threatens P&C Agency Income  
Despite deep divisions within its own ranks and united opposition from Republicans, Democrats appeared to be moving closer and closer at year's-end to landmark legislation reforming the nation's health care system… Click here for entire article
#4: AIG Reinventing Itself On The Fly  
The most prolific headline-generator by far this year was AIG, which struggled to regain its credibility and repay its debt to taxpayers after a massive federal bailout… Click here for entire article
#5: Greenberg Returns To Center Stage  
If the insurance industry had the equivalent of baseball's "Comeback Player Of The Year" award, the winner in 2009 would no doubt be Maurice Greenberg… Click here for entire article
#6: Chinese Drywall Won't Be Next Asbestos  
Amid the rebuilding efforts after the 2004-2005 hurricane seasons, and in the midst of a housing boom, domestic drywall was in short supply. Imports from China filled the gap, and that decision has apparently created more problems than it solved… Click here for entire article
#7: Madoff Might Be Scourge Of Insurers  
If there was a listing of individually initiated financial disasters, the depredations of Ponzi-schemer Bernard Madoff might rank at the top, but opinions may differ on how much of an insurance catastrophe he has created… Click here for entire article
#8: Calm Winds Leave NFIP Reform Adrift  
The quietest storm season in more than a decade prompted Congress to keep postponing permanent resolution of one of the country's biggest insurance challenges—how best to reform the debt-ridden National Flood Insurance Program… Click here for entire article
#9: Contingency Fee Firestorm Reignites  
The debate over whether the major brokerages should be allowed to earn contingency fees for delivering a certain volume or quality of business to carriers raged anew this year after Illinois eased restrictions over the practice… Click here for entire article
#10: Swine Flu Bug Leaves Firms Exposed  
Whether the H1N1 virus has run its course is unknown, but the fact is while many organizations have taken precautions, others are still unprepared for a pandemic event in what turned out to be the top risk management story of the year… Click here for entire article
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