At KPMG's insurance conference held in late September, attendeeswere surveyed on various issues facing the industry, includingtheir views on underwriting profitability. The lack of confidencein their ability to underwrite profitably was striking (seeaccompanying chart).
“I think it reflects the fact the soft cycle that people areexperiencing is being driven by factors that aren't in mostpeople's experience,” says Scott Marcello, the leader of KPMG'sinsurance practice in the U.S.
Among the factors insurers dealt with this year are depletedcapital because of high catastrophe losses in 2008; higher 2009reinsurance renewal rates; investment portfolios losses; anddeclining prices in recent years. 
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