A new year is a chance to look back and review the past. Here’s a view at some of the best quotes found on InsuranceJournal.com in 2013. What was your favorite quote of the year?
“If you like your health care plan, you can keep it.” — President Barack Obama
“I think you will see us become a very significant factor world-wide in the commercial- insurance business. It could be a business that reaches into the billions.” — Berkshire Hathaway’s Warren Buffett
“It’s critical – absolutely critical – for long-term success now in this business [auto insurance] to be a low-cost producer with a very effective pricing segmentation. Those are going to be the keys for a long term success.” — Travelers’ CEO Jay Fishman
“Auto insurance will have more to do with information that comes from the car than the classical segmentation with regard to characteristics of the driver.” — Progressive CEO Glenn Renwick
“Where agents once served as the front line in risk selection and pricing, advances in predictive models are making this role obsolete. The agent was once the face of the insurance brand; now, customers increasingly use multiple channels to connect with their carrier. Perhaps most disruptive to the traditional agent value model, auto insurance — which accounts for 70 percent of personal lines premiums — is fast becoming commoditized.” — The McKinsey report, “Agents of the Future: the Evolution of Property and Casualty Insurance Distribution,” chapter, “The End of An Era for the Local Insurance Agents.”
“The debate on climate change and global warming has been intensely polarized. A great deal of this ‘noise’ has clouded the very real and emerging issues that we as an industry and society need to address.” — Johnny Chan, director, Guy Carpenter Asia-Pacific Climate Impact Centre
“I must tell you every time I do one, you say to yourself, ‘God I hope this is the last one.'” — Kenneth Feinberg, manager of The One Fund for victims of the Boston Marathon bombing
“Guys network a lot. Women don’t do it that well. We tend to go home after work, especially if we have children, and it is important — it is important both internally as well as externally.” — Seraina Maag, CEO of the EMEA region for AIG, and a participant in the Women in Insurance Global Conference
“It certainly looks like pretty much of a forecast bust.” — Jeff Masters, director of meteorology at the Weather Underground on the 2013 hurricane season
“Our country will, at some point, face a major cyber event that will have a serious effect on our lives, our economy, and the everyday functioning of our society.” — Janet Napolitano, Homeland Security chief
“The report … recommends a hybrid approach to insurance regulation that provides a practical, fact-based roadmap to modernize and improve the U.S. system of insurance regulation.” — Michael McRaith, director, Federal Insurance Office
“Neither Democrats nor Republicans envisioned it would reap the kind of harm and heartache that may result from this law going into effect.” — Rep. Maxine Waters, (D.-Calif.), co-author of the Biggert-Waters Flood Insurance Reform Act
“I’m looking for the silver lining, because this is a big enough event [Target credit card breach] that there should be a greater realization within the industry for developing policies for covering all of the potential consequences of cyber threats and data breaches.” — Martin Frappolli, senior director of knowledge resources, The Institutes
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