Robust Bust

Are you as tired as I am of hearing the word “robust”? Everything is robust. You have a wine, it’s robust, you have fans at a baseball game who are robust, you have a new suit hanging on the rack at Brooks Brothers and the sales clerk tells you the color is robust. And on and on. Now the insurance economy has been described as being robust, inasmuch as prices are going to be rising. I’m not sure if we should use that word; as a matter of fact, I think modesty would be the best approach. “Robust” in this case may wind up with an emphasis on the second syllable rather than the first. Let’s see how this price increase can be shepherded through an economy that has had successive years of robust misery leading up to this point… In this issue we focus on a number of different ideas and trends, welcoming Peter Bickford back from vacation with his customary insights. Our lead story relates to the DFS’s Audit of the State pension system’s technology and potential damage to those dependent upon it. We believe that the insuring community, as well as the pension and banking community, should push for an answer and some clarity, if they are unsatisfied with what they are reading thus far…. The Insurance Federation of New York, Inc. will honor Evan G. Greenberg, Chairman and Chief Executive Officer, ACE Limited, on Friday, November 15, 2013 at Cipriani’s Wall Street– it’s a “don’t miss” party – with Senator Ben Nelson, Chief Executive Officer, National Association of Insurance Commissioners, as the featured speaker, and an appearance anticipated by Superintendent Benjamin Lawsky, New York State Department of Financial Services. As an extra added plus, the Federation has announced that Maurice “Hank” Greenberg, Evan’s father, and, himself, a Free Enterprise Awardee, will present the honor to Evan.