Filed Under:Markets, Personal Lines

Top Quotes of 2012

PC360 brings readers this year's top quotes from major industry players

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

—William R. Berkley, CEO of W.R. Berkley Corp., W.R. Berkley: ‘Stupid’ Companies May Not Be Able to Make Hard Turn

“The insurance industry is just headed for bankruptcy if you keep doing what you’re doing. [New York is] the most dangerous place in the world for storm surge. A Category 2 in New York is equal to a Category 4 in Charleston.”

—Nicholas Coch, coastal geologist and professor at Queens College, Industry ‘Headed for Bankruptcy’ When a Hurricane Hits New York City

“We are very pleased to repay 100 percent of all that America invested in AIG plus a total combined positive return—or profit—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 the opportunity to keep our promise to make America whole on its investment in AIG plus a substantial profit. Thank you America. Let’s bring on tomorrow.”

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

“When this is all said and done, I don’t think any of us are going to feel that people were as well-insured as they could have been.”

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

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

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

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

“If you go direct with a portion of your business, you run the risk of alienating agents to the point where they move the rest of the business. It’s a big risk for insurers—particularly those that use independent agents.”

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

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