Quotes of Note

Ransomware has become a scourge on nearly every facet of our lives, and it’s a prime example of the vulnerabilities that are emerging as our digital and our physical infrastructure increasingly converge.

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Jen Easterly, director of the Cybersecurity and Infrastructure Security Agency.

We’ve been wondering when the metaphorical dam’s going to break, and the product liabilities are going to come out of the woodwork. I feel like we’re starting to see the cracks in the foundation happening now, in respect of the product recalls.

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Insuring Cannabis panelist Jodi Green, an attorney at Miller Nash LLP.

If you’ve reached an exponential part of the curve where suddenly, something’s accelerating, it’s almost certain that we are underpricing the risk that we’re taking.

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Bruce Carnegie-Brown, chairman of insurance market Lloyd’s of London.

In this new year, industry colleagues worldwide should challenge themselves to accelerate the development of a culture in which everyone can be successful.

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Hank Watkins, Lloyd's

“It will change how you get to work, how you interact with policy holders, and how you adapt to changing conditions and requirements. It’s highly likely that the insurance industry will change more in the next 15 years than it has in the previous 100.”

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Mark Anquillare, executive vice present and chief operating officer of Verisk.

“In 2008, you could have probably sat the whole of the London M&A insurance community round a meeting room table. Now there are more than 300 people in that market.”

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Adrian Furlonge, partner at M&A insurance broker Helmsley Wynne Furlonge.

“The legal battle over who will ultimately share in paying for losses associated with the pandemic is far from over.”

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A.M. Best in Commercial Lines Outlook 2021

“This is the first firming market I have seen since I joined the insurance industry, so it certainly looks a lot different than it did when I started.”

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Steve Moughamian, Risk Placement Services (RPS), Lexington, Ky.

“The coronavirus outbreak has reduced risk in some areas while, at the same time, changing and heightening it in others. The wider changes in society and industry brought about and accelerated by the pandemic are likely to have a long-term impact on claims patterns and loss trends in the corporate insurance sector.”

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Thomas Sepp, chief claims officer, Allianz Global Corporate & Specialty

“Certainly, claims — with all of their moving parts in all of the lines of business — still present compliance challenges.”

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Kathy Donovan, lead researcher for Wolters Kluwer, on P/C insurers' top market conducts mistakes.