History
The insurance cycle is a phenomenon that been recognised since at least the 1920s. Since then it has been considered an insurance 'fact of life'. Most commentators believe that underwriting cycles are inevitable, primarily "because the uncertainty inherent in matching insurance prices to losses creates an environment in which the motivations, ambitions, and fears of a complex cast of characters can play out." Lloyd's counters that this has become “a self-fulfilling prophecy”.
More recently, insurers have attempted to model the cycle and base their policy pricing and risk exposure accordingly.
Read more about this topic: Insurance Cycle
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“The history of modern art is also the history of the progressive loss of art’s audience. Art has increasingly become the concern of the artist and the bafflement of the public.”
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“We have need of history in its entirety, not to fall back into it, but to see if we can escape from it.”
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