“The rapid growth of the casualty business is a familiar phenomenon. We are informed upon competent authority that from 1890 to 1926, the net premium income of casualty companies in the United States grew from less than $8,000,000 to more than $800,000,000.” The Position of the Reinsurance Company in the Casualty Business by Winfield W. Green.
The above quote belongs to an archaic and no doubt revered reinsurance tome on the subject of the casualty class of business. While the literary style of the author is flowery, his area of expertise remains relevant to the discerning underwriter today. (Re)insurance is a deceptively simple business but it would be interesting to see how Winfield W. Green would respond if a time machine were to transport him to today’s world of traditional and emerging risks. Once thing is for sure, the pace of casualty insurance growth has not slowed since 1926!
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