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Closing the 'Insurance Strategy Europe' with a presentation on the future of insurance in Europe, Mr Smith told delegates that if insurers were prepared, then the future depended on how full their glass was.
He explained there were ongoing problems, including increasing nat cats and an ageing population, but that insurers need to focus on being sharper and more agile into order to survive, and use customer insight to develop products.
Smith added: "There can be a great future of the European insurance industry but we must think globally, be proactive with the customer, apply a tactical approach and attract talent. We should hope for the best but prepare for the worst."