Mr Plumeri was speaking in Los Angeles on the issue of risk and the threats to the global and US economies when he said thespectreof contingent commission was threatening to rear its head once again following the problems of the past.

He explained how contingent commission worked as he called for the business community to deliver greater transparency to restore consumer confidence following the financial crisis.

“Many in our industry believe that simply telling clients you’re taking contingents makes it OK,” he said. “I disagree. With contingents, telling your clients you take them doesn’t resolve the conflict. It doesn’t change the fact that your true incentive is to act in the interests of someone other than your client – and that when push comes to shove, you may not fight for the best deal in the marketplace or advocate fiercely to recover a claim if you know your compensation from the insurer will suffer.”

He told the audience: “We stopped taking contingents at Willis because we want to be paid for the value we provide our clients, not the insurance companies. But a time could soon come when Willis and its big competitors will be allowed to take contingent commissions again. It may mean Willis will be the only company not taking them – but that's OK with me. We’re happy not to have doubletalk.”

Mr Plumeri said the world has changed dramatically over the past 10 years, and said that companies have yet to make the changes necessary to adapt to a more dangerous and unpredictable world.

“The risks confronting business today are new, complex and increasing.  The old answers just won’t cut it. Before our government bailed out Citibank, AIG and General Motors, most of us thought those things could never happen – but they did. The world has changed dramatically in the past decade. It’s a dangerous place full of new and complex risks.  But are we doing anything differently today? I don’t think so.”

Highlighting a range of studies that show trust in business has crumbled during the economic downturn, Mr Plumeri said that the most effective way to manage these emerging challenges is for leaders to adopt a new commitment to transparency in recognising and mitigating risk.

“Whether it's severe weather or pandemics or cyber security, the simple truth is that the risks of the 21st century are big, and real, and must be faced openly and transparently,” he said. “As business leaders, we must look at all the risks we face and address them head on. And we have to be honest and open about what we see and what we’re doing about it. That is the only way to make our customers and the public believe in us again.”