Despite recently strong financial results, insurers might be teetering on the brink of disaster unless they exercise financial responsibility, embrace globalization and better educate the public about their industry, a top Lloyd's official warned here last week.
Julian James, Lloyd's director of worldwide markets, 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, during his address here before the annual meeting of the Property Casualty Insurers Association of America, he cautioned 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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