While Allstate is unilaterally solving its problem insuring the hurricane peril, the industry needs to unite to solve the bigger issue impacting the entire U.S. economy, the carrier's incoming CEO contends.
Everybody is fixated on their own positions–the free market advocates, those who say government should solve the problem, and those who simply advocate fixing building codes–said Thomas Wilson, president and chief operating officer of Northbrook, Ill.-based Allstate, during the 18th Annual Executive Conference for the Property-Casualty Industry in New York.
“All sides are right, but people refuse to acknowledge that others are right,” he said, adding that “we need to come out of our corners” to align the factions within the insurance industry for a workable solution that involves elements of all these ideas.
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