Legal system abuse, inflation, regulation
The abuse of the US legal system, economic inflation and the politicisation of insurance regulation are the three biggest issues for insurance leaders in the US: APCIA CEO.
All three issues will be addressed at the American Property Casualty Insurance Association’s annual conference taking place in Dallas this week, says David Sampson, the organisation’s president and chief executive officer.
“When I speak to our members, the leaders attending our event, those are always the top three issues,” Sampson told APCIA Today.
“The order sometimes changes but all three are always there. We will cover all those issues in this event while again stressing the importance of insurance to the economy, to society. That is why we chose our theme: ‘Insuring what matters most’.”
Sampson says that, for him, the theme encapsulates why the insurance industry is so important. In the US alone, it protects some 223 million vehicles and 90 million homes.
In the context of recent hurricane activity, he added: “That brings the value and security of the industry to the front of mind. When bad things happen, we are there for people.”
A sneak preview: more exclusive content and interviews inside
A sneak preview: more exclusive content and interviews inside
RAA eyes growth in cyber, flood, cannabis risks
They all also require some form of government intervention or regulation if they are to gain true traction: the RAA’s Frank Nutter.
Cyber, flood and cannabis risks are just three areas that could stimulate significant growth opportunities for reinsurers—but all also require some form of government intervention or regulation if they are to gain true traction and become valuable parts of the risk transfer landscape.
Now, new risks are on the RAA’s radar where it believes the right government support could again open up new markets. The first is cyber risk.
Nutter stresses that the RAA is not advocating any specific proposal, because such a thing does not exist—yet. Rather, the fundamental question of whether government involvement would help this market develop is worth evaluating.
“More reinsurers are interested in writing cyber risk, but some leaders have suggested we explore whether a public-private partnership with government needs to be considered,” Nutter said.