The year 2007 was not a watershed for the property and casualty insurance industry. There were no surprises in terms of pricing except for a slight deterioration in rates, indicating the beginnings of a soft market. Dr Robert P Hartwig, president of the Insurance Information Institute, views 2007 as a year with few major developments, calling it a year that was "A Glass Half Full or Half Empty." Jeffrey Berg, SVP at Moody's Insurance, says he expects the insurance business to remain profitable throughout the end of 2007; but in 2008, he believes property/casualty companies' will seek growth beyond underwriting results. Guy Carpenter says that, although insured D&O losses are expected to reach $2 billion for claims filed in 2007, the full impact of the subprime crisis on the market may not be clear until 2008 or 2009, with total losses expected eventually to be substantially higher.