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