Chubb’s Evan Greenberg urges US to ‘tone down’ Taiwan rhetoric
Insurance veteran Evan Greenberg has called on the US to “tone down rhetoric and symbolism around Taiwan” and focus on preserving peace and stability in the region, in the latest sign of how deepening geopolitical divisions are worrying corporate leaders.
Greenberg, who has built up New York-listed Chubb to become one of the world’s biggest insurers, devoted part of his annual letter to shareholders to US-China relations. The chief executive called the tensions over Taiwan “the most proximate risk of conflict” for the relationship between the two superpowers, as Beijing presses its claims over Taipei and Washington encourages the island to strengthen its defences.
He wrote: “From a historical perspective, no country has delivered sustained growth for long by replacing the judgment of markets with that of the state, as China increasingly is doing . . . Soothing words will not restore private sector foreign and domestic business confidence and encourage investment.”
In a typically wide-ranging letter, Greenberg also addressed the risk environment facing insurers, which he said was growing “more threatening and challenging to navigate” as the cost of claims was being driven up by three major factors: inflation, higher liability costs and climate change effects.
He said the cost of casualty insurance, a broad spectrum of policies covering everything from car accidents to medical malpractice, would “need to rise at an accelerated rate or else the industry will fail to keep pace”.
This story originally appeared on: Financial Times - Author:Ian Smith
