As the opening to Charles Dickens' Tale of Two Cities observes, "It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness". For the protection and indemnity (P&I) insurance sector there will be those who will sign up to the glass-half-full or half-empty view espoused by the Victorian author. The clubs themselves would point to their view that it is in all likelihood the best of times - amid the worst of times. Several years without a headline-grabbing major loss has gone a long way to mask the continued drip-feed of attritional losses.
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