The insurance industry is a critical foundation of the global economy, a fact that is often overlooked in our haste to deal with the challenges of our competitive markets. Because of the financial security and protection we provide for people, property and reputations, new buildings are built, planes fly, risks are taken and economies around the world grow. Our world is changing, and we must change with it. As insurers, we must recognize the broader, global reality in which our businesses are operating. This paper will address how rating agencies, regulatory scrutiny, underwriting discipline, loss-cost inflation, catastrophes, tort costs, and emerging issues are affecting the industry. Solutions and best practices will be discussed. In addition to facing and eliminating the issues discussed in this paper, we must deliver what customers want: consistency, service, expertise, security, financial strength and integrity. The best way to deliver all of this is through customer service; it's at the centre of GE Insurance Solutions’ brand promise. The Geneva Papers (2006) 31, 38–45. doi:10.1057/palgrave.gpp.2510062
