Terry Wellard.

The market must accept that spiralling rates are, ultimately, the fault of self-destructive underwriting practices.

Brokers are getting fed up with being blamed for deteriorating loss
ratios when this can largely be attributed to irreponsible
underwriting.


As evidence, may I remind you of the recently published merry-go-round of
half-year results, all repeating the same excuses: "The adverse effects of
severe weather losses compounded by intense competition for personal lines
business." Why didn't insurers confess that business had been written too
cheaply and they were suffering the consequences?


I was amazed to