“Our business is doing pretty well,” said Maurice R. Greenberg, chairman of Starr, during an interview at the Future of Insurance USA event. “Overall, we’ve had a great year and the budgets for the coming year are looking pretty good.”
The Star of Starr also said it believes the remote working model and related developments that most insurance companies have had to make over the past year will last long – and that this development is a good thing.
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“We learned a lot during this time. We have new tools and equipment that we didn’t have before and people don’t have to be in the office and can work from home, ”said Greenberg. “And that will change a lot of things – it will change the expense ratio of many companies for the better,” added Starr, adding that Starr, for example, does not need to occupy the same amount of office space as it did before the pandemic, especially in more expensive areas like New York City.
However, the coronavirus pandemic has by no means been the only challenge affecting the insurance world in the past 12 months. Ongoing natural disasters, social unrest due to the revival of the Black Lives Matter movement, and ongoing litigation over business interruption due to the pandemic made 2020 an exceptional year. Greenberg sheds light on how Starr navigated this time.
“We haven’t signed anything controversial from our point of view, and we haven’t been involved in any of these lawsuits that some companies are involved in because they wrote policies that are now a problem,” he said, adding that Even so, many insurers were Generally in a good position in BI lawsuits because “they already knew drawing was a dangerous thing to do, and they did not draw many things that resulted in claims, although many are trying to find flaws in the insurance industry [in the courts]. ”
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The Chairman also sees a very important role for governments in hedging the pandemic risk as he stated, “It is very difficult for the private sector to get a premium that a company can afford, so it has to be something that Working it out with the government ”, particularly with regard to the public sector that offers reinsurance. In the meantime, he recommends that all insurers currently being sued for BI damage must review their contract language to ensure they don’t run into similar issues in the future.
Overall, however, Greenberg believes the insurance industry has much to expect in the years to come.
“Our industry has a bright future, and so do we [at Starr] Especially good – we’re doing quite well around the world and we’re growing pretty fast, and I expect that will continue, ”he said.