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.”

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

“[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.”

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

“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.”

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

“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.”

—Robert Andrews, Global Head of Ceded Reinsurance at XL Group, Defying Expectations, Reinsurance Rates Remain Surprisingly ‘Attractive’

“[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.”

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

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

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

“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.”

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

“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.”

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

“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.”

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

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