Seven Lessons from History As property-casualty operating results for2002 come into sharper focus, viewing insurer performance from along-term perspective illuminates the challenges and opportunitiesfacing insurers. Going forward, the success of each insurer and thehealth of the insurance industry will depend on the extent to whichinsurers heed the lessons of history.

We are in a hard market, and the hard market is spurringimprovement in insurers financial results.

Premiums grew 14.1 percent in 2002, with premium growth lastyear being the strongest since the 22.2 percent increase in1986.

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