The global property/casualty industry is well situated to take advantage of opportunities arising from the global financial crisis, according to legendary US businessman WR (Bill) Berkley.

Speaking in Sydney on Thursday during a 30-hour visit to the reinsurance and insurance operations in Australia of his company WR Berkley, he told a breakfast meeting the economic environment is changing rapidly.

“As new opportunities arise, discipline and understanding is required,” he said. “We’re positioning ourselves to meet the opportunities, and we see many of those opportunities in Australia.”

Mr Berkley, who founded his company while still a student in the 1960s, is also Chairman of the American Insurance Association, which represents the 350 leading US insurers.

In a speech outlining the causes and effects of the global financial crisis, he also provided some insights. Among them:

“You can’t possibly know all that’s going on, so find mechanisms that inform you.

“You can’t assume the regulator or government agencies will protect you from the forces of evil.

“You have to protect yourself from all the brilliant technologies that claim to have answers which defy common sense.

“Financial innovation is not bad – it helps us adjust to a changing environment.

“You shouldn’t always believe the government is trying to do the right thing.

“Those who claim later that they always knew what was going on have poor memories.”