During this month of thanks and giving, one would guess that more insurance professionals are feeling like the turkey rather than the carver. After all, the value of insurers' investments — because of exposure to troubled financial firms — has been plucked clean like the feathers of a certain celebratory bird, and third-quarter profits have been tossed out more quickly than a handful of giblets. What seemed like a feast a few short months ago has turned into a modest celebration in which success is measured by avoiding a government bailout or liquidity crisis.

The financial emergency and ensuing hangover experienced during the last several months has induced more anxiety than any amount of tryptophan could alleviate. But in large part, because of overall conservative investment strategies, P&C insurance divisions are weathering the storm, both literally and figuratively. "What about AIG and The Hartford?" you might ask. Aren't these companies' troubles a sign of things to come? AIG's P&C insurance division is as stable as they come; so much so that it has become the main foundation of what remains of the company as it moves forward. The Hartford also suffered a decrease in its investment income, but in a similar vein to AIG, it is the company's financial branch that caused its economic seizures.

But insurers, we know, must keep looking toward the future with respect to risk, especially now as 2009 budgets get their creases ironed out. So it seems an opportune time to look at what the experts say about how the upcoming year is shaping up for carriers. Much like me, when she was asked about the state of the industry, Karen Pauli, insurance research director at consulting firm TowerGroup, couldn't resist an animal/insurer comparison, either.