Plumer-#1 On Wednesday night the property and casualty insurance industry held its annual “love fest” in New York City, honoring its greatest cheerleader, Willis Group Chair and CEO Joseph J. Plumeri. NU Associate Editor Mark E. Ruquet was on the scene, and left wondering whether the industry would ever be able to project the positive image it has of itself to the public at large.

The following are Mark's observations:

The event was the third annual Insurance Industry Charitable Foundation gala fundraising dinner, and Mr. Plumeri was this year's honoree.

True to form, he struck a folksy “How ya' doin'” as he began his address to thank IICF for this year's honor, which last year went to Pierre Ozendo, chairman and CEO of Swiss Re America Corp., and in 2007 to Brian Duperreault, president and CEO of Marsh & McLennan Companies.

Joe honored his family, joking about them, promoting his son's restaurant and reading a letter from his Mom [“He loves insurance. And he's a nice boy.”] He also gave the industry a strong pat on the back for a job well done.

In close to a decade as head of Willis, Mr. Plumeri has been both an ardent critic and promoter of the insurance industry, and has probable annoyed a few people in an industry of generally low-key personalities.

He stands out, as he did this week, and is both vocal and passionate in his opinions about the direction and purpose of the industry.

His best applause line of the night was: “We do not get the fair recognition that we deserve in this business for what we do.”

He pointed to the considerable amount of money the industry makes available to insureds when disaster strikes, upholding a promise to pay claims in an effort to make their lives whole again.

Insurance is the mother's milk of capitalism, he intoned, and when catastrophes strike, insurers are there to aid in the recovery.

The economy does not function without the backing of insurance, he pointed out, noting that not even the chairs the evening's attendees were sitting on would not be there without insurance. From the manufacturer to the delivery truck, to the hotel holding the event, the night's gala would not proceed without insurance.

By the end of his brief but poignant address, Mr. Plumeri had everyone there feeling pretty good about the industry they worked for.

Later, the chairman of the IICF–Michael P. Fujii, president and CEO of worldwide insurance operations at Endurance Specialty Holdings Ltd.–spoke about the four charitable organizations the organization will give grants to:

• The Boys Hope Girls Hope New York

• The International Rescue Committee.

• Starlight Children's Foundation NY*NJ*CT.

• The World Cares Center.

The money they raise, he said, benefits children in need, alleviates humanitarian crises and helps communities to prepare for disasters.

At the end of the evening, former NBC News anchor Tom Brokaw gave an inspiring and hopeful speech about the challenges the United States has faced in the past, and how he believes future generations will meet new and emerging challenges, rising to the occasion to become the greatest generation of their time.

By the end of the evening, many of the contributors must have been feeling pretty good about their industry despite soft market competition and a fragile economic recovery.

Mr. Plumeri complained during the evening that there is nothing in popular media that promotes a positive image of the industry, and that for all it does, it deserves better. From the applause, one would say that many agreed.

The question is what will this industry do to change its perception?

The IICF dinner was a love fest. The industry gave itself a nice pat on the back for its charitable work and noble aims. But will it take anything away from these inspiring observations?

The challenge is, when the industry needs to call upon itself again to defend its reputation before the public, will it charge confidently forward and assert the righteousness of its purpose, or will it continue to circle the wagons as it has in the past?

What do you folks think?

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A Pat On The Back, But A Lesson Learned?

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