The Property Casualty Insurers Association of America (the "Association") recently predicted that a confluence of recent events hitting the property and casualty insurance market could result in higher premiums. Notable factors include an estimated $11.5 billion in losses attributable to 11 events declared as catastrophes by ISO's Property Claims Services Unit during this past quarter, the global financial crisis and a potential increase in insurer's appetite for reinsurance. The Association predicted that a decrease in investment income attributable to the turmoil in the financial markets, coupled with higher reinsurance prices and continued trends in rising loss costs could turn what has been viewed as a soft market the past few years in this sector of the industry.