SEATTLE--A top Lloyd's official warned insurers today that despite recent good results, they may be teetering on the brink of disaster unless they exercise financial responsibility, embrace globalization and educate the public about their industry.
Julian James, Lloyd's director of worldwide markets, gave his cautionary advice at the annual meeting here of the Property Casualty Insurers Association of America (PCI).
He noted forecasts that 2006 profits for property-casualty insurers could be the best in 51 years at up to $60 billion, with return on equity of 14.5 percent. However, he warned that "despite our current good fortune, I'm going to make a strong case today that we are still standing near the edge of the cliff."
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