It was a rather glum group of CEOs that gathered in New York this week for the annual family reunion of top insurance company and association executives, as all the tea leaves seem to indicate insurers have about as much chance of improving the top- and bottom lines this year as Ron Paul has of becoming President of the United States.
Indeed, in the only light moment of an otherwise grim panel discussion about the difficult year ahead for carriers and their producers, an audience member stood up during the Q&A and complained that insurers had no right to be euphoric about achieving a 14 percent rate of return last year, even if that was far better than the single-digit results normally posted, because it still trailed broader industry benchmarks.
Do we really look euphoric to you, deadpanned Ramani Ayer, chairman and CEO of The Hartford, drawing hearty laughter from those attending the Property-Casualty Insurance Joint Industry Forum.
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