The mood was not so much somber as shell-shocked at yesterdays Property-Casualty Insurance Joint Industry Forum, as you might expect in the midst of the worst financial crisis since The Great Depression, with no turnaround in sight. But all things considered, things could be a lot worse for insurers, and they know it.
I got the sense that those in attendance at what I consider the industrys annual family reunion were just happy to still be in business and employed, given the massive hits to their bottom lines from catastrophe losses and investment implosions.
Speakers at the event tried to rally the troops–not with false hopes of a quick recovery, but with justifiable pride that insurers were better prepared to ride out the financial storm than their banking and securities peers.
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