This paper challenges the question of existence and predictability of underwriting cycles in the U.S. property and casualty insurance industry. Using an approach in the frequency domain, we demonstrate the existence of a hidden periodic component in annual aggregated loss ratios. The data...

1 Introduction -- 2 The Application Field of CIB -- 3 Foundations of CIB -- 4 Analyzing Scenario Portfolios -- 5 What if… Challenges in CIB practice -- 6 Data in CIB -- 7 CIB at Work -- 8 Reflections on CIB.