NEW YORK–Allstate's incoming chief executive told an insurance conference here yesterday that industry competitors should forge a joint approach for natural catastrophes that inflict major losses on carriers.
Thomas Wilson, president and chief operating officer of Northbrook, Ill.-based Allstate, said his company is solving the problems it has had insuring the hurricane peril, but insurers need to unite to solve the bigger issue of catastrophes impacting the entire U.S. economy.
Mr. Wilson's comments to other insurance executives came at the 18th Annual Executive Conference for the Property-Casualty Industry. “We need to come out of our corners” to unite on a common solution to handle natural catastrophe risk, he said.
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