Maurice “Hank” Greenberg, CEO of C.V. Starr & Co. and formerly CEO of American International Group Inc., last week engaged in a far-reaching video discussion with the Financial Times. You can view the FT video here, along with a link to a transcript of the conversation. Mr. Greenberg discussed a variety of topics, from the business climate in China, to CEO compensation and boardroom disputes, to global warming and insurance cycles.
Of particular interest was his closing prediction that we have not seen the end of cycles in the commercial property/casualty insurance market:
“You know the insurance industry has historically been a cyclical industry, especially the property and casualty industry. And after Katrina, many voices have said that after what’s taken place in Katrina now we’re going to change the future of the insurance industry. No more cycles. It will be a more stable industry.
“I predict that’s nonsense. There’ll continue to be cycles. The insurance industry’s run by people, and people don’t suddenly change that way of thinking and you’ll find cycles beginning all over again.”
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