2000s
Although the stock market hit new highs and insurers enjoyed big profits, catastrophes such as 9/11 and Hurricane Katrina took both a monetary and an emotional toll on the industry. The growth of derivatives set the stage for the 2008 economic meltdown, resulting in increased legislative focus on industry regulation. Climate change presents a set of unanswered questions for the industry, although the potential growth of green insurance is a bright spot on the horizon.
Articles from the 2000s
1990s
Although the industry benefited from a booming stock market and the growth of dot-com business, health insurance cost and availability dominated many insurance discussions. The 1999 Gramm-Leach-Bliley Act permitted ownership between banks and insurers. Catastrophes such as California wildfires, Hurricane Andrew and the Northridge earthquakes made headlines and crimped insurers' bottom lines.
Articles from the 1990s
1980s
In the midst of a liability insurance availability crisis in the mid-1980s, buyers seeking coverage started turning to alternative risk arrangements such as offshore and domestic captives. Meanwhile, the escalating cost of healthcare begins to take its toll on the pricing and availability of health care insurance. Plaintiffs' lawsuits start to boom and tort reform legislation is a big issue. Insurance also began to grow into the computer age.
Articles from the 1980s
1970s
After the boom years of the 1960s, the economy felt the pinch during the post-Nixon era, with gas shortages, recession and a rise in unemployment. The social changes of the 1960s continued, with the rise of the two-income family and advances of women and minorities in the workplace. On the insurance scene, no-fault auto coverage was introduced in many states and medical malpractice insurance prices skyrocketed.
Articles from the 1970s
1960s
Although the economy was strong, the ‘60s are remembered as an era of social upheaval and the war in Vietnam. Racial unrest led to riots in the big cities, a shortage of available property coverage in America's urban centers and the rise of government-backed Fair Access to Insurance Requirements (FAIR) plans. During this era, the industry also began to focus on risk management.
Articles from the 1960s
1950s
The economic growth of the postwar era meant Americans had more to insure—such as homes, cars and babies. Federal legislation allowing insurers to underwrite several classes of insurance led to the development of package policies, for example homeowners' insurance that covers both property and liability. In 1965 Congress added Medicare health insurance to the Social Security system. Primitive computers are introduced at the bigger insurance companies.
Articles from the 1950s
1940s
The first half of the decade was dominated by employment issues arising from World War II, including labor and material shortages. 1945 brought the passage of the McCarran-Ferguson Act, exempting insurance federal antitrust and fair trade laws, as long as the states fill the regulatory gap.
Articles from the 1940s
1930s
Starting with the Great Depression and ending on the edge of America's entrance into World War II, this was a pivotal decade for insurance, characterized by the emergence of new types of cargo and passenger transportation. Federal intervention into the industry is growing, with the 1933 Glass-Steagall Act (prohibiting banks, securities firms and insurers from owning each other) and the 1935 Social Security Act.
Articles from the 1930s
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