Insurers who believe in American-style capitalism have to rally behind the free market to head off a government overreaction in regulating the economy in general, and property and casualty insurance in particular, warned Michael McGavick, chief executive officer of XL Capital.
"Give voice to the benefits of the free enterprise system that allows us to succeed, before it is too late," he said.
Mr. McGavick urged industry leaders to "stop hiding behind your trade associations" and step up to take part in the "profound debate" about the federal government's role in protecting against reckless economic activities, especially because p&c insurers did not engage in any such behavior.
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