Whether they realize it or not, property-casualty insurers are experiencing the closest thing to a Golden Age that the first half of the 21st century is likely to offer. Amid a severe credit crunch, housing collapse and threat of recession, p-c insurers find themselves in an era of relative prosperity. As always, there are challenges ahead, but insurers in 2008 are more in charge of their own destiny than at any time in a generation.
Make no mistake, this is no Camelot. But at least insurers can say that where they go from here and where they end up two-to-three years from now will largely be the result of their own decisions.
Indeed, the thorniest problems confronting the industry today--such as sluggish premium growth, excess capital accumulation, the degree of exposure to catastrophic loss and future reserve adequacy--are largely under insurer control.
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