Among the themes running through Triple-I’s 2022 Joint Industry Forum (JIF), a dominant theme was the growing importance of predicting and preventing losses, compared to the property/casualty insurance industry̵7;s traditional emphasis on transferring risk from policyholders to insurers and to assess and pay damages. when they occur.
Increased severity of weather and climate-related events, exacerbated by increasing numbers of people moving to the most vulnerable geographies; cybercriminals are shifting their targets and evolving their strategies, often protected by nation-state hosts; and abuse of the legal system, which drives up legal costs in a way that ultimately harms all policyholders are among the factors contributing to the need for this change in focus.
Against this background, insurance companies must still price cover and adequately reserve for these costly risks while ensuring that their business practices remain fair and that insurance is accessible and affordable to all who need it. This means that financial and economic issues and considerations of diversity, equity and inclusion are always part of the conversation.
Predicting and preventing requires strategy, effective use of data and technology, and partnerships across disciplines and stakeholder groups—along with a focus on educating consumers, policymakers, media, academia, business, communities, and others about the complexities of risk and risk management.
Triple-I plays this educational role every day, through its research and media outreach and support; continuous contact with its members, regulators, content partners and data providers; and participation in and sponsorship of events such as JIF.
JIF related blog posts:
Lean forward into a changed world
JIF 2022 climate panel with focus on forest fires
Cybercriminals are moving to softer targets and reputational threats
The Combined Ratio is at the center
State Farm CEO talks about the power and promise of reciprocity
Abuse of Florida and the justice system was highlighted at JIF 2022
Progress and challenges in diversity, equality and inclusion