Is Underwriting Discipline Here For The Long Haul?
At the end of every soft market, you hear insurers and reinsurers lament their mistakes in writing coverage that was too broad, at too cheap a price. You get the equivalent of school children being sent to the blackboard to write, "I will maintain underwriting disciplineI will maintain underwriting discipline" 1,000 times.
However, up until now, the insurance industry has rarely learned its lesson. Inevitably, prices soar and coverage tightens to the point that CEOs start drooling at the prospect of gaining marketshare by stealing business from more "disciplined" competitors. So much for underwriting!
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