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The tendency to swing between profitable and unprofitable periods over time is commonly known as the underwriting or insurance cycle. == Definition == The underwriting cycle is the tendency of property and casualty insurance premiums, profits, and availability of coverage to rise and fall with some regularity over time. A cycle begins when insurers tighten their underwriting standards and sharply raise premiums after a period of severe underwriting losses or negative stocks to capital (e.g., investment losses). Stricter standards and higher premium rates lead to an increase in profits and accumulation of capital. The increase in underwriting capacity increases competition, which in turn drives premium rates down and relaxes underwriting standards, thereby causing underwriting losses and setting the stage for the cycle to begin again.〔"Analysis and Valuation Of Insurance Companies." Center For Excellence in Accounting and Security Analysis: Industry Study Two 2 (2003). http://www.columbia.edu/~dn75/Analysis%20and%20Valuation%20of%20Insurance%20Companies%20-%20Final.pdf (accessed 31 October 2012).〕 For example, Lloyd's Franchise Performance Director Rolf Tolle stated in 2007 that "mitigating the insurance cycle was the "biggest challenge" facing managing agents in the next few years".〔Rolf Tolle, The cycle challenge - 12 July 2007, http://www.lloyds.com/News_Centre/Features_from_Lloyds/The_cycle_challenge.htm (accessed 21 August 2007)〕 All industries experience cycles of growth and decline, 'boom and bust'. These cycles are particularly important in the insurance and re-insurance industry as they are especially unpredictable. Lloyd's of London research in 2006 revealed, for the second year running, that Lloyd’s underwriters see managing the insurance cycle as the top challenge for the insurance industry, and nearly two-thirds believe that the industry at large is not doing enough to respond to the challenge.〔Lloyd's Annual Underwriter Survey, 2006 http://www.lloyds.com/News_Centre/360_risk_project/Managing_the_cycle.htm (accessed 21 August 2007)〕 The Insurance Cycle affects all areas of insurance except life insurance, where there is enough data and a large base of similar risks (i.e. people) to accurately predict claims, and therefore minimise the risk that the cycle poses to business. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「insurance cycle」の詳細全文を読む スポンサード リンク
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