NEW YORK—The regulatory scrutiny that followed the financial crisis is forcing insurance CEOs to spend an inordinate amount of time on compliance to solve problems that do not exist and satisfy regulators who "don't understand the industry," according to Hanover Insurance Group's chief executive.
During a CEO keynote panel at the Annual Insurance Executive Conference held here, Fred Eppinger, CEO of Hanover Insurance Group, said, "[The crisis] put everything 'on steroids,' but the need to look at insurance companies like banks is a ginned-up one because only one insurance company had problems, and that was in non-insurance areas.
"As CEO, I spend two to three times more today on regulatory issues than before."
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