Greed Is Not Good For Insurers
“All progress is based upon a universal innate desire on the part of every organism to live beyond its means.” So said Samuel Butler, the English novelist and satirist.
The well-respected insurance analyst, V.J. Dowling, of Dowling & Partners in Hartford, describes four phases of the insurance cycle–pain, cheating, fear, and restoration. According to his classification, the commercial lines and reinsurance industries are now in the restoration phase, when prices are at levels where profits are generated, which replenish funds lost in the soft market.
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