The Future of The Insurance Cycle
The unpredictable nature of the insurance industry makes it very unlikely that the cycle can be eliminated. For several years Lloyd's have been urging caution in soft periods and restraint in hard periods. We are currently entering a soft period of high competition and falling premiums. This suggests that the free market has not heeded the warnings of previous periods. Having said this, the insurance industry as a whole is several hundred years old and has survived several other softening and hardening periods.
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