At the same time, underwriting of other insurance products was adversely affected by the economic freefall of late 2008 and early 2009. More recently, in the third quarter, we note that many insurers reported improved results. We mainly attribute this to the recovery in financial markets. Yet there are reasons to be cautious about the durability of the recent recovery of insurers’ profitability.
And there is something wrong with markets that are not properly understood by their participants  2  Andrea M. Maechler and Li Lian Ong (2009) “Foreign Banks in the CESE Countries: In for a Penny, in for a Pound?” IMF Working Paper 54/09. 3  Carmen M. Reinhart and Kenneth S. Rogoff (2008) “Is the 2007 U.S. Sub-Prime Financial Crisis So Different?