Robert Hartwig Quotes on Business & Commerce (5 Quotes)

This is not a new issue in the industry. For a number of years, insurers have found it necessary to adjust their exposure in certain catastrophe-prone segments of the United States.

We are certainly expecting that for the next 20 years or so we will be in a cycle of more frequent and intense storms. There's going to have to be an adjustment in the industry.

The industry is largely satisfied with the way the TRIA extension has taken shape although there is some consternation over the increase in trigger. But six months ago, even the possibility of extending TRIA was looking grim.

We are already at about 50 billion of insured losses from catastrophes in this country so far and that could be as high as 70 billion, depending on what Katrina does. Hurricane Wilma is a situation that is going to exacerbate what was already problematic for the insurance industry.

The industry is obviously happy and grateful. It backs the most important lines -- worker compensation and commercial property.