Hiscox chief executive Bronek Masojada has been elected president of the Insurance Institute of London and JLT chief executive Stephen McGill was elected deputy president at the institute's annual meeting.
Accepting the presidency Masojada said: "Looking forward to the next year it is clear that we collectively have the opportunity to continue to reshape the external perception of our industry and to build on the success of general insurance and further develop its improving reputation.
"On the global stage, London insurers have more than made a fair contribution to paying those claims arising from the terrible events of 9/11. We have also provided cover for terrorism, aircraft and other classes after the event when others feared to put their ‘heads over the parapet'.
"On the local stage, we have navigated the liability crisis, the flood crisis, and the after effects of the bankruptcy of a major insurer. General insurers have further avoided many of the issues which have afflicted our colleagues in the life and savings Industry. All these successes have raised the industry's profile and standing.
"However, despite this positive recent past, we cannot rest on our laurels. Concerns are already being expressed that the industry is on the verge of returning to its old ways of ‘boom and bust' – with a recent, high-profile article in the Economist, being a classic comment.
"There is a very real fear that the profits of the past years will drive a dash for market share and a return to under-pricing, underwriting losses and the business volatility loathed by both our customers and shareholders alike. This will diminish our collective reputation. The key issue is why is it that our industry has this tendency to commit suicide in this way?
"In my view there is a subtle cause to this. We lack the self-discipline to put our knowledge to our work and the commitment to the maintenance of technical standards that characterises many of the traditional professions.
"In the face of commercial pressure, too many of us regard winning as being appointed the broker on any fee, or in underwriting a piece of business at any price. All too often winning is not regarded as doing the right business at the right price – particularly if, in the short term, it leads to reduced revenue.
"In my year as president of your institute I aim to direct its resources and influence to encouraging all our members to have the discipline to put their knowledge to work - a focus that will have two elements: first, continuing our knowledge and skill building; and second, giving our people the confidence to appreciate that technical skills professionally applied are the key to success."
