Protection and “The New Normal”

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What do we know about the new normal? was the CEO of Triple-I, Sean Kevelighanchallenge,’s to attendees at the 2021 Joint Industry Forum (JIF) on Thursday, December 2.

 

Kevelighan gave an inaugural address and sat down with NBC correspondent Contessa Brewer to discuss how the post-pandemic reality that is emerging is changing how risk is managed around the globe.

Critical industry challenges, including as cyber risk, runaway litigation, and building resilience in a world that will continue to face unheard-of natural and economic dangers, were discussed on panels.

 

The impact from the pandemic and other developing risks to communities and businesses, according to Kevelighan and other experts from academia, the media, and industry, required innovation to happen at rapid speed.

 

According to Kevelighan, “insurance is at the center” of this transition.

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The business sector has a chance to keep playing the “leading voice in terms of developing more resilience.”

 

Later on, Peter Miller, president, and CEO of The Institutes spoke on how the insurance industry should best position itself for the advantages and challenges of the upcoming year

 

He claimed that technology might be a useful tool for “providing a much clearer picture of danger.”

With a request for action, he paved the way for cooperation: “If you have an issue partnership idea, give me a yell.”

 

Throughout the discussion, the importance of technology and teamwork as essential elements for success in the new paradigm was a recurring topic.

 

A panel discussion on cyber risk was hosted by Triple-chief I’s insurance officer, Dale Porfilio.

This risk keeps increasing, raising earnings but also premiums.

By 2026, the panelists projected cyber premiums to be $28 billion.

 

Chris Beck, managing director at Milliman Inc., Catherine Mulligan, global head of cyber for Aon, and Paul Miskovich, global business leader for Pango Group, all offered their perspectives on how the market might be stabilized, with the government playing a crucial role as an enforcer of laws and an information gatherer.

Dr. Michel Léonard, vice president and senior economist for Triple-I, provided perspectives on the potential and challenges that the economy would present to those in the insurance and risk management industries.

Insurance industry growth in 2021 was 1.10 percent, lagging behind overall U.S. growth of 5.8 percent.

 

Although uneven, Leonard thinks that the recovery will continue and that growth will be significant but not sufficient to make up for the shrinkage.

He stated that he does not anticipate pre-pandemic levels to be reached again until 2024.

 

The talent gap and “runaway litigation” are two issues that need to be effectively dealt with if risk management is to be reimagined in the context of the new normal.

 

The Institutes Griffith Foundation’s executive director, Frank Tomasello, presided over a panel discussion on the effect of litigation patterns on claims costs and, ultimately, policyholder premiums.

 

State Farm, Swiss Re, and Hartford officials participated in a panel discussion about the difficulties in attracting and keeping talent in the wake of the Great Resignation.

Younger generations like the millennials and Gen Z have different expectations for their employers in terms of their workplaces, such as greater diversity.

 

We said that oil is gold, according to Deepi Soni, executive vice president and CIO of The Hartford.

Data is gold, we claimed.

Talent is precious.

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