When timing is everything (TT Mar03 p35-38)

These are difficult days for the insurance sector. Over the past few years, general insurers’ results have been hit by a number of issues ranging from the effects of global warming and climate change to the costs of longtail liabilities such as asbestos claims. The increased threat of terrorist activity has also greatly affected the industry. Many general insurers have reported underwriting losses and the insurance cycle is now set firmly in a ‘hard market’ of increased premiums.