With the European economy being rocked by fears that the Greek debt crisis will spread to other countries, the euro falling in value and the strength of the U.S. recovery uncertain, the European insurance industry recognizes it is navigating stormy seas. However, key players across "the pond" are confident that insurers have weathered the economic perils far better than their banking counterparts, and while it won't be "smooth sailing" ahead, at least their companies are financially sound enough to make the journey relatively unscathed.
"It was quite impressive, actually," said Adam Garrard, CEO of Willis Europe, speaking about how the insurance industry conducted its business during the recession. He noted that:
o There were no major insolvencies for insurers and reinsurers.
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