Friday, November 4, 2011
Insurance Industry Shareholders: BEWARE!
I spent the first 20 years of my career in the lending industry; primarily residential mortgages. The first ~7 years were with a Bank of America subsidiary that was a one-stop shop, i.e. I and my staff solicited, originated, processed, approved, closed, funded and serviced the loans - all under one roof.
I saw it all, and at one point when I reviewed my time in that industry, I guesstimated - conservatively - that I had overseen the complete life-cycle of over 10,000 loans.
Based upon my second-to-few experience, it is my opinion that if the insurance industry is not closely monitoring the events taking place in the Marcellus Shale region - and assessing the ever-increasing risk associated with all aspects of this industry's impact on the land, water, air...and property values, they are rapidly approaching a major financial kick in the noogies of biblical proportions.