In the insurance world, it almost goes without saying. Despite all our actuarial and analytical skills, things never quite go the way we might expect or would like to see. The forces of nature intervene. So does human conduct and social styles. One way or another, surprises crop up.
For surprises, we have insurance. And if there is a universal insurance, personal lines–in the form of automobile and homeowners coverages–is it. What adult American does not have one or both?
Because of the volumes of policies involved, there is perhaps a tendency to “lump everything together.” Yes, the waves of personal lines cycles are huge, but this is still a dynamic area of the insurance industry, one with its own breed of twists and turns. Just when we think we have it covered, something new comes on the scene–an unprecedented run of storms, a “new” kind of natural disaster (like a mudslide), or nuisance disaster (like mold). Or there may be a new set of regulatory issues, or a run of lawsuits based on changing patterns of residence.
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