Declarations – East

Loss-Prevention Efforts

“Heavy losses caused by weather-related natural catastrophes in the USA showed that greater loss-prevention efforts are needed. It would certainly be possible to protect conurbations like New York better from effects of storm surges.”

–Munich Re Board member Torsten Jeworrek’s remark in the reinsurer’s 2012 Natural Catastrophe Year in Review. He said such efforts would make economic sense and insurers could also reflect the reduced exposure in their pricing.

‘New Normal’

“Whether it’s global warming, climate change, I think as an industry we have to assume this is a new normal and we’ll run our business consistent with that.”

–The Hartford CEO Liam McGee on catastrophe losses. The Hartford currently estimates pretax losses of $370 million from Superstorm Sandy. McGee said that industry-wide, Sandy losses are clearly going to cause a continued focus on getting rate.

AIG’s Ad Campaign

“We’ve repaid every dollar America lent to us. We said we are gonna turn it around. And we did it.”

–From AIG’s national advertising campaign thanking America for its support during the financial crisis, as well as highlighting AIG’s full repayment of $182.3 billion and a combined positive return to taxpayers of over $22 billion. Last month, the U.S. Treasury completed its final sale of AIG stock, reducing its shares in the insurer to zero four years after a massive government bailout.