Despite going into 2011 with slightly rising premiums, a new study from Ernst & Young finds the U.S. life and annuity insurance industry will be challenged by broad regulatory changes and an uncertain economic environment.
According to Ernst & Young's Global Insurance Center 2011 US Outlook for the life insurance industry, insurers will need to create new products and services and leverage distribution channels to increase top line growth, while paring down costs and unprofitable risks to drive bottom line earnings.
"We remain in a challenging environment where it's difficult to attract new customers and retain existing ones," explained Doug French, principal, Financial Services and Insurance and Actuarial Advisory Services Leader at Ernst & Young LLP, in a released statement. "Companies that clearly understand these issues and react quickly and prudently in their strategic core businesses will gain a competitive advantage over those that are found waiting on the sidelines."
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