Among the topics discussed at Triple-I’s 2022 Joint Industry Forum (JIF), a dominant one was the growing importance of predicting and preventing loss, versus the property/casualty insurance industry’s traditional emphasis on transferring risk of policyholders to insurers and evaluate and pay claims. when they arise.
The increasing severity of weather and climate related events, compounded by the increasing number of people moving to the most vulnerable geographies; cybercriminals change their targets and evolve their strategies, often protected by nation-state hosts; and abuse of the legal system, which increases the costs of litigation in ways that ultimately harm all policyholders, are among the factors contributing to the need for this change in approach.
Against this backdrop, insurers still need to price coverage and reserve appropriately for these costly risks while ensuring that their business practices remain fair and that insurance is available 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 alliances between various disciplines and stakeholder groups, along with a focus on educating consumers, policymakers, the media, academia, businesses, 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; ongoing contact with its members, regulators, content partners, and data providers; and participation and sponsorship of events such as JIF.
JIF Related Blog Posts:
Leaning forward in a changed world
JIF 2022 Climate Panel Focused on Wildfire Risk
Cybercriminals switch to softer targets and reputational threats
The combined relationship takes center stage
State Farm CEO talks about the power and promise of reciprocity
Florida and Abuse of the Legal System Featured at JIF 2022
Advances and Challenges in Diversity, Equity and Inclusion
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