Words of Wisdom

In today’s tumultuous financial climate, words of wisdom can be invaluable. Tomorrow Berkshire Hathaway chairman Warren Buffett’s annual letter to shareholders will be released. For those who follow the annual observations of the Oracle of Omaha, the letter comes at a timely moment. Today a revised Bureau of Economic Analysis (BEA) report indicates the U.S. economy contracted at an annual rate of 6.2 percent in the fourth quarter of 2008 — a much more accelerated rate than expected. And forecasters from the National Association for Business Economics (NABE) earlier this week suggested the U.S. economy will remain in the doldrums for 2009, with a meaningful recovery not expected until 2010. So what about insurers? Latest Insurance Information Institute  (I.I.I.) presentations offer key information on the state of the P/C industry amid the financial crisis. The potential impact of the $787 billion stimulus package (the American Recovery and Reinvestment Act) on property/casualty insurers is also the focus of a presentation given by I.I.I. president Dr Robert Hartwig on Wednesday February 25.  

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