NU Online News Service, May 3, 2:17 p.m. EDT, Orlando, Fla.--In an address before a managing general agent's organization, Lord Peter Levene, chairman of Lloyd's of London, said the insurance industry needs to do a better job managing its business, calling some of its practices "ridiculous" and "idiotic" in the eyes of the world.
Mr. Levene made his comments at the 79th annual American Association of Managing General Agents' conference held here this week.
The chairman said the industry is faced with several challenges: managing risk, the market cycle and its reputation, which has been affected by the scandal over contingency fee abuses "that has reverberated throughout the world," and process weaknesses revealed by World Trade Center trial.
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