Hurricanes Helene and Milton and the US presidential election loomed large over an annual meeting of property and casualty insurers and reinsurers.
Members of the American Property Casualty Insurance Association (APCIA) gathered in Chicago on Monday to tackle some of the most significant issues in the industry.
APCIA represents nearly 60% of the property and casualty insurance market in the United States. APCIA's members include insurers of all sizes, structures, and regions, including home, auto, and commercial insurers.
Opening the two-day conference, APCIA president and CEO David A. Sampson addressed the association’s members with a direct appeal for leadership and empathy at a pivotal moment in history, saying historical events have compounded a “crisis of trust” in US institutions.
“We must acknowledge the persistent crisis of trust in this country,” said Sampson. “This is not a new issue. Trust in institutions has been declining since the 1960s.
“Populism and isolationism have only intensified these issues, placing immense pressure on leaders to respond quickly and wisely. Unfortunately, many have failed to meet this challenge.”
Sampson acknowledged the pressures the industry faces and called on insurance leaders to rise above the growing political and economic uncertainty.
"Leadership requires a clear-eyed embrace of the good and the bad, and there is much to be thankful for," he said, noting that despite challenges, the US economy has avoided many of the worst-case scenarios predicted a year ago.
Sampson attributed the deep-rooted skepticism toward institutions to decades of political wrangling and “performative” political culture, fueled by the pandemic, the rising cost of living, and anxiety about the consequences of a broader war in the Middle East.
However, the crisis has brought opportunities for the insurance industry. “Effective, competent, and trustworthy leadership is in high demand. The business community is in a unique position to fill this void,” said Sampson.
He emphasized insurance’s societal role as a source of "stability, safety, and protection" for American families, businesses, and communities.
“Our task, as business leaders, is to conduct ourselves with clear-eyed realism,” said Sampson. "Whoever wins the upcoming election, let's devote ourselves to being builders in our homes, our neighborhoods, our places of business.”
The APCIA conference comes less than two weeks after Hurricane Helene battered communities in Florida, Georgia, the Carolinas, and nearby states. At the same time, Hurricane Milton is bearing down on the region, potentially making landfall in Tampa Bay as a Category 5 storm on Wednesday evening.
Sampson encouraged insurance leaders to embrace their role as part of the solution, noting that their work provides vital protection from the chaos brought on by natural disasters such as storms and hurricanes.
"We get up every day to protect our customers from the chaos that comes on the wind of a storm," he said.
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