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Economic Status Of The Property And Casualty Insurance Industry With Special Reference To Virginia, Clarence R. Jung Jr.

Robins School of Business White Paper Series, 1980-2022

Conditions in the property and casualty insurance industry in the past several years have caused great concern to both the insureds and the insurers. Premium rates for some lines, particularly certain liability coverages, have increased significantly (some observers would say catastrophically). For some businesses and governmental units insurance coverages have either been cancelled or are not available.

The situation in the industry has often been referred to as a crisis. And reactions to this crisis have included calls for investigations of the industry and an increased degree of government regulation. Private citizens and business firms have blamed insurance companies; insurance …