More companies are focusing on and leveraging multiple distribution systems. The flight to capital is more pronounced. There is still an excess of structural and financial capacity, and a need for further refinement. There is greater pressure being exerted on the weaker companies, and the number of players should decline even further. The internet is a powerful distribution platform which can't be ignored, but there is a definite need to integrate the internet with the back office to effect a seamless transaction flow.
Banks are more likely to be interested in the distribution process than in risk taking.
In summary, Tom's remarks suggested that although the market environment is improving, even more improvement is necessary to increase the returns on equity above their current level of woefulness. During their intriguing presentation, Michael Bronzino and Michael Yeager provided an Internet Liability Update , which was supplemented by commentary from Jamie Savitch on coverage availability. Overall, the panel concluded that while all such exposures may be technically insurable, problems lurk in the valuation process. Nevertheless, major markets such as AIG, Chubb, and St. Paul have developed products which address at least some of these newly emerging exposures. Rounding out the Spring program was Stacy Stewart's review of Wind Hazards Associated with Landfalling Tropical Cyclones .