It doesn't take long to realize that what some companiesare doing in not raising rates fast enough is “stupid. Stupidity isnot limited to any one company, or any one underwriter; it pops upin all markets.”

—William R. Berkley, CEO of W.R. Berkley Corp., W.R. Berkley: 'Stupid' Companies May Not Be Able to Make HardTurn

“The insurance industry is just headed for bankruptcy ifyou keep doing what you're doing. [New York is] the most dangerousplace in the world for storm surge. A Category 2 in New York isequal to a Category 4 in Charleston.”

—Nicholas Coch, coastal geologist and professor at QueensCollege, Industry 'Headed for Bankruptcy' When a Hurricane Hits New YorkCity

“We are very pleased to repay 100 percent of all thatAmerica invested in AIG plus a total combined positive return—orprofit—of $22.7 billion. On behalf of the 62,000 employees of AIG,it is my honor and privilege to thank America for giving us theopportunity to keep our promise to make America whole on itsinvestment in AIG plus a substantial profit. Thank you America.Let's bring on tomorrow.”

—Robert H. Benmosche, President & CEO of AIG, Treasury to Sell Remaining AIG Shares and Profit fromInvestment

“[P&C insurance] is a business of relationships. Youneed to develop and maintain relationships with people. If you onlyreach out when you have a problem, you have a problem.”

—Tim East, Director of Corporate Risk Management at The WaltDisney Co., RIMS Preview: Demand for Supply-Chain Education and Getting Smarteron Cyber

“When this is all said and done, I don't think any of usare going to feel that people were as well-insured as they couldhave been.”

—Michael S. McGavick, CEO of XL Group, XL, Nationwide Execs: Post-Sandy, Insurers Will Reconsider NortheastExposure

“Depending on your point of view, [RMS Version 11] hasbeen either the most polarizing event in insurance history, or ithas been the impetus for frank debate on modeling and its rightfulplace in our business.”

—Robert Andrews, Global Head of Ceded Reinsurance at XLGroup, Defying Expectations, Reinsurance Rates Remain Surprisingly'Attractive'

“[With Sandy] you have this phantom decision just beforelandfall that all of a sudden this was not a hurricane, even thoughit walked like a duck and quacked like a duck.”

—Neil Alldredge, Senior Vice President of State & PolicyAffairs for the National Association of Mutual Insurance Companies,Industry Reps Engage With States Over Denial of HurricaneDeductibles

“ERM should not be a buzzword or a project with abeginning and an end. It should be the way you manage yourbusiness.”

—Richard Sarnie, Vice President of Risk Management for TheGreat Atlantic & Pacific Tea Co., Key Steps in Implementing ERM in Your Organization

“Terrorism is not aimed at a specific business or propertyowner; it is aimed at our governmental policies and our way oflife. Those who suggest private markets should bear the risk aloneare missing the point. Private markets alone cannot and will notprovide the level of Terrorism insurance our economy demands.”

—Clifton E. “Chip” Rodgers Jr., Senior Vice President of theReal Estate Roundtable, TRIA Renewal: No Guarantee

“If you go direct with a portion of your business, you runthe risk of alienating agents to the point where they move the restof the business. It's a big risk for insurers—particularly thosethat use independent agents.”

—Karlyn Carnahan, Principal at Novarica, Buying Business Cover Online: Crossing into the New Frontier inCommercial Lines

“With the world becoming more risky, more complex, moreurbanized and more populated…insurance still has not seen its bestdays. The golden era of insurance has not occurred yet.”

—Joe Plumeri, outgoing CEO of Willis Group Holdings,Willis' Joe Plumeri: The Farewell Interview