|Copyright:||Copyright Business Wire 2011|
|Source:||Business Wire, Inc.|
Speaking to the island’s key insurance stakeholders at the Insurance Day Summit in
Pointing to the ways that the insurance industry, and in particular
“The new middle class will need brokers that understand them and their industries,” he said. “They’ll need carriers who are innovative, financially secure, and who are there when they need them – carriers with a reputation for paying legitimate claims quickly.”
The golden age of insurance will also be spurred by developments in the West, Plumeri said, and particularly in the US where economic troubles are reducing the Government’s appetite for public insurance. Citing talk of a scaling back of the Terrorism backstop and the unsustainability of the National Flood Insurance Program, Plumeri said that, “As the public sector inevitably retreats, opportunities will be created for the insurance industry in many areas.”
Click here to read Plumeri’s remarks as prepared for delivery.