With the amount of money generated by the insurance industry and the fact that its obligations are subject to legal interpretation--often during high-profile court battles--there is never a shortage of controversy in this business. That's good news for a newspaperman like myself, but not so good for an industry that has to wonder what, if anything, it could possibly do to turn around its reputation for greed, inefficiency and rogue behavior.
Before you feel too sorry for the industry, however, consider that property-casualty insurance on the whole was very profitable once again in 2007, even without reliable investment income.
Underwriters are certainly doing a better job, helped by improved modeling and restrained by more demanding rating agencies, Wall Street analysts, shareholders and regulators. But it also helps there were no major catastrophes--natural or man made--for the second straight year.
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