Some Observations Concerning Fire and Casualty Insurance Company Financial Statements [Discussion]

Mr. Otteson’s paper is very timely in that the financial statements of fire and casualty insurance companies have within recent years been questioned, at least implicitly, by investment analysts and professional accountants who have shown no reluctance about adjusting official results to produce figures more suitable for investors or more in accord with accounting principles generally acceptable for other types of enterprises. Our financial statements raced to be re-examined as to their ability to do what they ought to do and their avoidance of what ought not be done.