Ace CEO Evan Greenberg says the nation's debt is choking the economy.

The chief executive ended his introductory remarks during an earning conference call on Oct. 24 with a plea to U.S. politicians to “exhibit real leadership.”

“What we need is presidential and congressional leadership and a clear bipartisan plan that provides certainty about fiscal discipline that should be coupled with immediate actions to stimulate and encourage private sector growth, increase business competitiveness [and] bring down unemployment,” Greenberg says.

He says the business community leadership is “fed up” with the lack of decision-making by politicians to address the $16 trillion debt.

“There is no greater challenge facing our nation,” Greenberg adds. Annually the country spends more than a $1 trillion more than its revenue—a trend that is not sustainable, he says.

“The debt is suffocating our economy, sapping confidence and killing jobs, because the government is competing for dollars that otherwise would be invested in the economy,” Greenberg says.

Ace reversed a third-quarter loss a year ago by turning a profit of $640 million during the same period this year, despite booking a $97 million after-tax loss in its crop insurance segment.

Ace Back to Q3 Profit in Face of $97m Crop Loss

Greenberg calls the market “big and messy,” with “pockets of competition where prices continue to be under pressure.”

Pricing was up 3.6 percent in North America in the third quarter, which is lower than the 4.7 percent increases in the second quarter. But Greenberg says he expects an overall trend in increases to continue.

On the excess and surplus side, rate increases are seen most in casualty lines. Greenberg says prices will continue to rise, with “highly-stressed casualty-related lines receiving significant but orderly levels of price increases, and less-severely stressed casualty lines up modest single-digits or flat.”

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Ace&rsquo;s Greenberg: Businesses &lsquo;Fed Up&rsquo; With Lack of Leadership on U.S. Debt

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Ace’s Greenberg: Businesses ‘Fed Up’ With Lack of Leadership on U.S. Debt