NEW YORK — To remain relevant in a changing world, insurers must assume relevant amounts of risk in areas that matter to clients and resist the temptation to accept government involvement in difficult areas, according to ACE CEO Evan Greenberg.
Speaking here Friday at an Insurance Federation of New York (IFNY) luncheon, where he received 
the Free Enterprise Award, Greenberg said, "We are expected to innovate in areas where exposure is being created. Risks such as terrorism, cyber risk and flood insurance all come to mind."
He noted that insurers can only take risk to the extent that they understand it and have the balance sheet wherewithal, but he added, "With that said, we shouldn't be so quick to expect and accept government involvement, which should be limited to extreme and systemic-type events truly beyond the industry capabilities."
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