2002: Capitalism At Its Best (And Worst)
Prediction: 2002 will be better than 2001 for insurers. With acombined ratio this year expected to top 120, virtually no profits,record underwriting and catastrophe losses, declining investmentincome, shrinking capacity and a recession underway, this is aneasy prediction to make.
Its hard to imagine how things could get any worse. Even in theevent of another major terrorist attack next year, themuch-ballyhooed federal reinsurance backstop should cap theindustrys liability at about $10 billion.
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