The most memorable news story of last month for me was one that we didn't report on in National Underwriter–the rescue of 33 Chilean miners.
Intermittently, I was able to watch some of the televised coverage during those final days. As preparations were put in place to lower the first rescue worker down in a metal canister, reporters reviewed a history of events of the prior two months.
They spoke of how the miners had rationed bits of canned tuna and milk to survive in those earliest days of their ordeal. As viewers, we could only imagine the fear the miners had felt in that small place more than 2,000 feet below the earth's surface. We had a better sense of the hope they experienced when the first drill broke through, and video images were broadcast from the darkness.
Still, in the hours before that first miner emerged, journalists prepared us for the worst, recounting preparations and contingency plans–back-up capsules, special diets and clothing to prevent hypotension and fainting, special glasses to prevent retinal damage.
As hours passed, cameras focused on a wheel that measured the progress of the ascent of each miner, and we held our collective breath. One by one they emerged safely–and the fear we felt just hours before was replaced with hope, and then by anticipation, expectation and exhilaration.
By Wednesday morning, momentum was building, the wheel moved faster, and men were emerging to the sound of a siren in time spans measured in minutes rather than hours. CNN reported the success with these words: "It took the best of man and machine to pull the miner from their potential grave. Hydraulic drills may have been useless without the power of the human spirit."
On another continent, in a brightly lit Atlanta hotel ballroom, William R. Berkley spoke to a group of specialty insurers and brokers about politics, the economy and the state of their industry. Except for the coincidental timing, the two events would seem to have little to do with each other.
The chair of W.R. Berkley Corp. recounted dark times of the economic meltdown. "The global economy roughly two years ago came to a thunderous halt," he said. "Risk tolerances approached zero."
"In the midst of…business turmoil and extraordinary volatility, there was no confidence. Banks were concerned with their survival, and customers were doubtful" as well.
Turning to map out the path to recovery, he said: "Business people are being cautious. If they do not regain confidence, our recovery will continue to be slow and hesitant. The only thing that will drive down unemployment and expand economic activity [at] a more rapid pace…is an improvement in businessman's state of mind."
To paraphrase Mr. Berkley, confidence, expectation and anticipation must replace despair, fear and simple hope. Recovery "has to start with business people feeling that the risks of doing nothing are greater than the risks of doing something," he said.
As I spoke to other executives in Atlanta, I found none were confident about expansion, with the most optimistic statements suggesting the economy is no longer moving backward and their industry is stable.
Mr. Berkley had suggestions to prompt changes–legislators casting aside bi-partisan politics, banks refinancing negative-equity homes instead of foreclosing, insurers moving past the fear of competitors taking their business, which overwhelms them into dropping prices.
Such steps are simply mechanics to get things moving, however. A change in mindset–a marriage of machinery with human spirit–is required.
Susanne Sclafane
Managing Editor
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