Greed Is Not Good For Insurers
“All progress is based upon a universal innate desire on thepart of every organism to live beyond its means.” So said SamuelButler, the English novelist and satirist.
The well-respected insurance analyst, V.J. Dowling, of Dowling& Partners in Hartford, describes four phases of the insurancecycle–pain, cheating, fear, and restoration. According to hisclassification, the commercial lines and reinsurance industries arenow in the restoration phase, when prices are at levels whereprofits are generated, which replenish funds lost in the softmarket.
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