Seven Lessons from History 
As property-casualty operating results for 2002 come into sharper focus, viewing insurer performance from a long-term perspective illuminates the challenges and opportunities facing insurers. Going forward, the success of each insurer and the health of the insurance industry will depend on the extent to which insurers heed the lessons of history.
We are in a hard market, and the hard market is spurring improvement in insurers financial results.
Premiums grew 14.1 percent in 2002, with premium growth last year being the strongest since the 22.2 percent increase in 1986.
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