Despite the adverse impact of the economy on the financial performance of U.S. property/casualty insurers last year, the Insurance Information Institute (I.I.I.) believes the industry remains strong at the start of the hurricane season, which is just weeks away.
“The basic explanation for the resilience and strength that P&C insurers have demonstrated during the current and countless past financial crises are attributable to a deeply entrenched and conservative operating philosophy that leads directly to superior risk management strategies,” I.I.I. President Robert Hartwig wrote in his year-end 2008 analysis of the industry’s financial performance. “Insurers necessarily run their businesses under the assumption that every day is a potential doomsday—because it is.”
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