Lord Peter Levene, Chairman of Lloyd’s of London, one of the oldest insurance companies in London sat down with Maria Bartiromo today.
Lord Levene said because of the UK contraction, people are getting down to micro management. Levene believes they have to step back a little to see where we’re going in the next twelve months. This is a test of how long European countries can hold their nerve and come out on the other side.
“Insurance industry had a good crisis; [it] stayed in good shape.” Last year was a tough year as there was an earthquake, the loss of an oil rig, and the Australian floods. “Our job is to fix things and cover up and pay…If there weren’t any disasters, we wouldn’t have any business.”