Although the Independent Insurance Agents & Brokers of America's recent Legislative Conference & Convention focused primarily on the impact of government regulation of insurance, another primary topic of discussion was the nexus between the industry and the troubled economy.
During a CEO panel discussion W.R. Berkley Corp. Chairman and CEO Bill Berkley stressed that the increasing interrelation of the global economy exposes insurers to new risks. Seemingly remote occurrences, such as inflation in China can have serious ramifications for U.S. insurers. "What happens in China, what happens in the U.S., what happens in Europe, is all interrelated,” Berkley said. “We didn't have inflation because of the benefits we got from low-cost production in Asia. We're about to be stuck with inflation that's going to come from those same places."
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