Strong underlying corporate values will differentiate property-casualty insurance companies from their competitors, an industry executive told a gathering yesterday.
Speaking at the XL Congress in Boston, company Chief Executive Officer Brian O'Hara pointed out that while many companies in the insurance industry have taken steps to replenish their capital and to focus on strong underwriting discipline, companies must add value through other means.
“Being in possession of the capital to back a promise to pay will get you into the marketplace. However, it may not adequately differentiate you from your equally well-capitalized competitors,” Mr. O'Hara said. “Though we are proud of our unique track record for responsive claims payment, we are equally proud of the enabling culture behind it.”
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