Chicago - Attendees at the International Insurance Society 42nd Annual Seminar in Chicago identified natural catastrophes--over pandemics, geopolitical instabilities, terrorism and man-made catastrophes--as the biggest threat to the future of the insurance industry.The question was posed to the more-than-100 attendees of the July 19, 2006 CEO Panel V: Catastrophic Risk and Insurability: Can the industry cope? Edward Liddy, chairman and CEO of Northbrook, Ill.-based Allstate USA and Pierre Ozendo, head of Americas Property & Casualty, Swiss Reinsurance America Corp. USA, Armonk, N.Y., spoke to the attendees on the subject.
Libby addressed Hurricane Katrina and the costs associated with the catastrophe as well as other record-breaking catastrophes. He stated seven of the 10 most expensive U.S. disasters have occurred within the past four years. He proposed a goal to maintain high-quality, highly competitive markets for core home owners product in all states:
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