Jay Fishman, chairman and CEO of Travelers, buys his homeowners insurance from a rival carrier! He said so during a speech in New York last week on catastrophe risk at NU's annual Executive Conference for the Property-Casualty Industry. Am I the only one who thinks that's a little weird?

As reported by our managing editor, Susanne Sclafane, Mr. Fishman revealed that he isn't covered by his own company while relating a personal story about the high cost of insurance for homeowners in Florida–using the example of a house owned by his now deceased mother-in-law.

Its not written by Travelers,” he noted. “I dont have insurance by Travelers from a conflict perspective. I just think that its not right for me to be insured by my own company.

You could view this as a laudable ethical stand. This way there is no question of Mr. Fishman receiving an underpriced quote, overly generous coverage or extra special claims service just because he's the big cheese.

On the other hand, buying your own products demonstrates faith in the company, doesn't it? Does not buying your own coverage send the opposite message in any way, however subtle or even subliminal?

I'd love to know who Mr. Fishman buys his coverage from. What a marketing coup for his competitor!

I also have to wonder whether Mr. Fishman's decision is unique, or standard practice among other company CEOs.

What do you folks make of Mr. Fishman's position?

In any case, have a very Happy Thanksgiving! I know I have a lot to be thankful for–including the opportunity to voice my views on this blog, and to debate the issues of the day with you, my readers! Thanks again for your comments–positive and negative–and for making this blog the “public square” of the p-c industry, where everyone is free to speak their mind.

Special Reports /

Who Writes Your CEO's Insurance?

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