Total earnings from Insurance Operations—The Investor's Viewpoint, [Discussion]

The continued underwriting losses of most companies on private passenger automobile insurance, which is the focal point of the current controversy, would seem to make this proposition academic to the objective ratemaker. In addition, the accelerating trend toward California-type rate regulation, in which competition and not a formula calculation is the predominant factor as respects price structure, would seem to push the investment income question even further into the twilight zone of actuarial intramurals. Nevertheless, discussion continues.