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
Famous quotes containing the word history:
“The history is always the same the product is always different and the history interests more than the product. More, that is, more. Yes. But if the product was not different the history which is the same would not be more interesting.”
—Gertrude Stein (1874–1946)
“The steps toward the emancipation of women are first intellectual, then industrial, lastly legal and political. Great strides in the first two of these stages already have been made of millions of women who do not yet perceive that it is surely carrying them towards the last.”
—Ellen Battelle Dietrick, U.S. suffragist. As quoted in History of Woman Suffrage, vol. 4, ch. 13, by Susan B. Anthony and Ida Husted Harper (1902)
“Don’t give your opinions about Art and the Purpose of Life. They are of little interest and, anyway, you can’t express them. Don’t analyse yourself. Give the relevant facts and let your readers make their own judgments. Stick to your story. It is not the most important subject in history but it is one about which you are uniquely qualified to speak.”
—Evelyn Waugh (1903–1966)