Chubb Ltd. CEO Evan Greenberg called for a “consistent policy” to eliminate President Donald Trump’s trade approach, saying predictability is crucial to economic growth.
Greenberg spoke with analysts on Wednesday about the company’s first-quarter results, urging the U.S. government to reconcile its trade, economic and fiscal priorities. He hopes that the trade agreement will reduce or eliminate tariffs, which damages the country’s image and increases the chances of a recession.
The insurance director later added that the United States should pay attention to the benefits of controlling the reserve currency.
“We are happy in the United States – we should really cherish being the world’s reserve currency, which gives us the ability to borrow,” Greenberg said. “Let’s be careful to abuse this or we will not have privileges.”
Greenberg’s comments echo the attention of peers across the U.S. company. According to Bank of America, the ratio of positive comments on macroeconomic situations to negative comments on macroeconomic situations has been the worst since 2009.
In the first quarter, Chubb’s core operating revenue fell 31% due to natural disasters including Los Angeles wildfires. As of 10:37 a.m. in New York, stock fell 1.5% to $285.97.
Although the growth outlook in all countries where Chubb operates has deteriorated recently, the company has no plans to change its capital allocation strategy. Greenberg even caught optimistic attention during the call.
“I have confidence in what I can control in this area, and they can continue to grow their operating revenue and earnings per share at a double-digit rate,” he said.
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