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5. Chubb chairman laments ‘rising nationalism and populism’

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5. Chubb chairman laments ‘rising nationalism and populism’

Political trends in the United States and globally drew increased attention of insurers in 2019 amid growing nationalism and a continued shift away from globalism. 

In his annual letter to shareholders in April, Chubb Ltd. Chairman and CEO Evan Greenberg went off script from his usual commentary on financial performance over the past year to discuss volatility due to “rising nationalism and populism” and the “inability of major democracies to effectively govern.” 

Mr. Greenberg said: “Our country’s brand of nationalism, as articulated by our leadership, has impacted our policies and relationships and, in turn, our image and standing in world trade and geopolitics. America’s reputation for reliability and its credibility on the world stage have been damaged.” 

The story lamenting rising political populism was the fifth most read risk management story on Business Insurance’s website in 2019. 

Earlier in the year, the World Economic Forum flagged tension between the globalization of the world economy and the growing nationalism of world politics as a growing risk in 2019 that could trigger policy inaction on major issues like environmental risks. 

Some 85% of respondents to the World Economic Forum’s Global Risks Report 2019, which is based on a survey of about 1,000 risk experts, expected 2019 to involve increased risks of “political confrontations between major powers.”