In a recent business wire presentation from Canada, Warren Buffett said he expected 4points of worsening in combined ratios in 2008 vs 2007. Buffett said insurers will face combined headwinds from lower insurance pricing and increasing inflation, raising the amount of loss exposures for property and casualty insurers. Buffett expects several years of lower profitability and worsening combined ratios.
Here is a link to the presentation which includes a great Q & A with Warren Buffett on a great variety of topics...
http://phx.corporate-ir.net/phoenix.zhtml?c=127541&p=irol-eventDetails&EventId=1758500&WebCastId=726710&StreamId=1054665
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