QBE

I don't understand this insurance game. In time of major disasters, your share price falls because of payout for the victims. In time of tranquility and peace, you are seen to have overcharged for insurance. Even with a well-run company, you cannot escape those sentiment/consequence.

If you are honest, you charge correctly to compensation for bad times. If you are crooked, you charge cheaply and file for bankruptcy during bad times. People want to pay minimal for their insurance so who do they insure with? The cheapest! That means the honest ones find it harder to sell their policies.

Sold QBE off at about $16 in Nov 2010 and never regretted. Better still it is only around $10 today.