When an insurance policy is written, the insurer does not know the true cost of the liability that it has incurred; that will only be known over time.

September E-mini S&Ps (ESU14 -0.59%) this morning are down -0.56% and European stocks are down -0.86%, both at 1-1/2 week lows, as company earnings results disappointed.

Insider buying declined last week with insiders buying $42.41 million of stock compared to $115.81 million in the week prior. Selling also decreased with insiders selling $910.43 million of stock last week compared to $2.29 billion in the week prior.