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Triple-I Blog | Virtual Triple-I forum reviews 2020, looking ahead to risks, opportunities



Sean Kevelighan, CEO of Triple-I

Insurance is a company that promotes and demands resilience, and 2020 was a year-long case study of our industry's ability to respond quickly to new challenges from a solid financial base. Triple-I & # 39 ;s Virtual Joint Industry Forum (JIF) provided many examples from a range of industry and academic leaders, along with insightful discussions about what the industry faces in the short and long term.

At JIF 2020 in New York City, it was clear from our various panels that the industry had a full priority for the coming year. Then came COVID-1

9, and a whole new set of public health and financial issues was added to the existing exposure mix. The virus almost stopped a strong economy; while officials assessed and responded to these threats, civil unrest broke out on a scale not seen since the 1990s on the streets of many cities. historically and almost historically weather and wildfire activity came down on communities whose resources were already strained by the pandemic.

And all of the above took place among the uncertainties created by the most controversial, chaotic election year in modern American history. [19659003] As that year's JIF speaker described, the real estate / accident insurance industry managed to shine.

"Look at how our companies performed" in the real-time shift to remote work, stated Chuck Chamness, President and CEO of the National Association of Mutual Insurance Companies (NAMIC). “Then look at the dynamic changes in our business that were largely caused by the pandemic, where we gave back $ 14 billion in premiums to policyholders and contributed a few hundred million dollars plus in charity donations. We really did our job this year.

David Sampson, President and CEO of the American Property Casualty Insurance Association (APCIA), added that "the majority of the industry came together to proactively work with agents and decision makers to create a solution that could work for all stakeholders to provide protection against extensive financial suspension due to a virus outbreak.

APCIA, NAMIC and the Independent Insurance Agents and Brokers of America proposed to Congress a Business Continuity Protection Plan (BCPP) that would allow companies to purchase revenue coverage for up to 80 percent of salaries and other expenses in the event of a state-regulated pandemic. insurance units, with support coming from the Federal Emergency Management Agency (FEMA), which would run the program. [19659003] Our industry also faced a literal existential threat in the form of efforts to demand that insurers pay billions in business income (interruptions) for which not a penny of the premium had ever been paid. Thanks to industry leaders taking the step to train decision-makers and the media, much of this threat – though not all of it – seems to have disappeared. The Triple-I & # 39 ;s Future of American Insurance & Reinsurance (FAIR) campaign played a crucial role in informing policy discussions about business interruption coverage, the insecurity of pandemic risks, and the need for federal commitment to mitigate the economic effects of future pandemics.

During this year's virtual JIF, the emphasis on innovation is a consistent thread. Peter Miller, President and CEO of the institutes, stated that the pandemic and its associated operational and financial strains forced the industry to exaggerate innovation. He quoted a member of the institute's board as saying that 2020 "made them do 10 years of innovation in one," adding that board members have told him that working from home alone has saved their companies "one hundred plus million dollars a year." [19659003] Whether discussing the industry's response to climate change and extreme weather conditions or how to communicate the importance of risk-based pricing to decision makers, innovation is at the heart of solving every challenge (and seizing every opportunity) that our industry faces. to use innovation strategically across the value chain – not just to solve specific problems as they arise.

In addition to the panelists I mentioned above, the talks included a cross-section of industry leaders, Triple-I subject matter experts and foreign researchers. could not participate, you can see and see the panels here.


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