All the major American insurance companies ( AXA , OneBeacon , etc) are due for a major positive correction. Their P/Es are at all time lows, and at the same time their profits are staying strong, paying out reliable dividends. In the next few months, all finance stocks, particularly the insurance ones, will rebound. Insurance companies are some of the most conservatively managed companies and consequently are least likely to suffer under sub-prime strains. I believe the investing community does not currently understand these facts fully, and these stocks are majorly undervalued. In the long term, the insurance industry is unlikely to get hurt through Global Warming induced climate change, as the industry covers a diversified range of risks - motor, life, salary protection, injury insurance etc. Good Luck, ~~~~Shane Halloran.