(Bloomberg) -- Ace Ltd. Chief Executive Officer Evan Greenbergsaid there are signs the insurance industry is entering another eraof taking on too much risk as competition pressures companies tolower prices to win business.
“It’s not back to the late ’90s that way, but we are seeing moreof the things that cause us to shake our heads,” Greenberg said ina call Wednesday. “People have been really hungry, but we’re notseeing the stupidity that we’ve seen in the past -- not yet.”
Property-and-casualty policy sales fell 2.9% in the firstquarter, Zurich-based Ace said in a statement after markets closedTuesday, driven partly by currency fluctuations and declines in theagriculture business. Travelers Cos., the sole P&C insurer inthe Dow Jones Industrial Average, said earlier Tuesday that policysales climbed less than one percent as the pace slowed for rateincreases to commercial clients.
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