A turbulent 2004 has highlighted the need for the insurance industry to tackle its reputation and practices during 2005, Lloyd's chairman Lord Levene has warned.
Lord Levene said the Spitzer investigation, the Asian Tsunami disaster and the Silverstein/World Trade Center court case were the three defining moments of 2004 from which the industry must learn.
The Lloyd's chairman said: “I wish I could report that the defining events were triumphs, which enhanced the standing and reputation of our industry in the eyes of consumers and business leaders – but that is not the case.
“Each defining event presents the insurance industry with a major challenge to get our house in order and improve our reputation.”
Effective risk management, combined with greater transparency and contract certainty, are urgently needed to restore the insurance industry's tarnished reputation, he said.
Lord Levene, who was holidaying with his family in Malaysia when the tsunami hit, also called for an early warning system to be installed to warn people of future natural disasters.
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