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Current techniques for modeling exposures, such as hurricanes and earthquakes, are leaps and bounds ahead of where they were a decade ago. "Risk sharing," for example, has become increasingly common, with businesses and individuals retaining more risk through high deductibles to manage the cost of insurance.

Consequently, insurers and insurance buyers have adopted more sophisticated approaches to managing risk. These complex operations are used to achieve the cornerstones of the insurance industry: setting appropriate premiums, managing capital efficiently, underwriting risks with discipline and the process of evaluating and paying claims. The basic principles of insurance are rather straightforward; the operations necessary to achieve them are fairly complex. In each case our goal is to first identify the risk and then use our risk management tools to eliminate risk of claims from occurring, through safety programs, or mitigate losses once a risk has occurred. These include safety engineering, quality control, back to work programs for injured employees, customer and employee education and improvements in their facilities. Larger companies engage in a variety of efforts to minimize these losses through a variety of methods. That's where we come in. What benefit period works best for your budget? What is the definition of disability in the policies you are considering? Those who do this well will reap the greatest rewards from this business of risk. To do this, they must nurture the professional talent and expertise that is the real engine driving this industry.

Insurers must continue to zero-in on areas in which they have the expertise to succeed long term. Yet, one thing in this business will not change, and that is the importance of focusing on the fundamentals. Consequently, new solutions will continue to emerge. It will innovate to help businesses and individuals better manage an increasingly uncertain world. As risks continue to grow and change and the specter of catastrophic losses remains, the industry will continue to adjust to these changing needs. It is also an evolutionary industry. Insurance is an industry that is essential and will remain essential. Without insurance, commerce would cease and individuals would face undue financial hardship. Insurance provides financial certainty. Claims and engineering services have also progressed with the advancement of technology, enabling information to be shared in real time and claims to be reported 24/7 from virtually anywhere. Technology and the Internet have made deeper statistical data readily available to underwriters, enhancing underwriting and service to customers. Insurance characteristics at a general level. Premiums are primarily determined by the customer's industry.