BOSTON—He's said it before but a different forum doesn't stop him from reiterating his thoughts.
"The world is changing too fast to innovate the way we used to," says XL Group CEO Michael McGavick, one of the most outspoken industry executives on innovation. "We must become more daring."
During a CEO Panel here at the PCI Annual Meeting, McGavick said insurance as a percentage of the global gross domestic product has declined. The gap between insured losses and economic losses is widening. "This is the sound of us becoming irrelevant," stated McGavick, who points to companies taking on higher retentions and using self-insurance options for coverage the market can't or won't provide.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
