Biba news: 'Black swans' are no longer 'freak' occurrences, cautions Willis boss
Willis chief executive and chairman, Joe Plumeri, has warned the broking industry that 'freak' occurrences are increasing in frequency and that the industry must adapt to this reality to survive.
His comments came as he addressed delegates at the 2010 British Insurance Brokers' Association (Biba) conference in his opening speech entitled: Facing tomorrow's risks. The need for total transparency.
Using the example of black swans - events that are not supposed to happen but do occasionally appear - Mr Plumeri explained that disasters, both man-made and natural, were occurring with greater frequency and that they could no longer be put down to freak occurrences.
"What we have been
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