By Jeff Dunsavage, Senior Research Analyst, Triple-I
I’m happy and proud to have been a part of Triple-I’s Town Hall — “Attacking the Risk Crisis” — in Washington, D.C. In an intimate setting on the Mayflower Hotel on November 30, 120-plus attendees acquired to listen to from specialists representing insurance coverage, authorities, academia, nonprofits, and different stakeholder teams on local weather threat, what’s being finished to handle it, and what stays to be finished.
Triple-I’s first-ever Town Hall was designed as a logical step in its multi-disciplinary, action-oriented effort to vary habits to drive resilience. Capping a 12 months by which headlines about “insurance crises” in a number of states garnered main media consideration, Triple-I and its members and companions acknowledged the necessity for clarification.
“What we’re seeing is not an ‘insurance crisis’,” Triple-I CEO Sean Kevelighan informed the standing-room-only viewers. “We’re in the midst of a risk crisis. Rising insurance premium rates and availability difficulties are not the cause but a symptom of this crisis.”
While the insurance coverage {industry} has a essential position to play and is uniquely nicely geared up to guide the assault, merely transferring threat just isn’t sufficient. A recurring theme on the Town Hall was the necessity to shift from a concentrate on assessing and repairing harm to one among predicting and stopping losses.
Three moderated discussions – analyzing the character of local weather threat and its prices; highlighting the necessity of strategic innovation in mitigating these dangers and constructing resilience; and exploring the position and affect of presidency coverage – gave panelists the chance to share their insights with a various viewers targeted on collaborative motion.
The agenda was:
Climate Risk Is Spiraling: What Can Be Done?
Moderator: David Wessel, Senior Fellow and Director on the Brookings Institution and former Economics Editor for The Wall Street Journal.
Panelists:
Dr. Philip Klotzbach, Colorado State University, researcher and Triple-I non-resident scholar.
Dan Kaniewski, Managing Director, Public Sector at Marsh McLennan, Former FEMA Deputy Administrator.
Jacqueline Higgins, Head, North America & Senior Vice President, Public Sector Solutions, Swiss Re
Jim Boccher, Chief Development Officer, ServiceMaster.
Jeff Huebner, Chief Risk Officer, CSAA.
Innovation, High- and Low-Tech: How Insurers Are Driving Solutions
Moderator: Jennifer Kyung, VP, Chief Underwriter, USAA.
Panelists:
Partha Srinivasa, EVP, CIO, Erie Insurance.
Sam Krishnamurthy, CTO, Digital Solutions, Crawford.
Bob Marshall, CEO, Whisker Labs.
Stephen DiCenso, Principal,Milliman.
Charlie Sidoti, Executive Director, InnSure.
Outdated Regs to Legal System Abuse: It Will Take Villages to Fix This
Moderator: Zach Warmbrodt, monetary companies editor, Politico.
Panelists:
Parr Schoolman, SVP and Chief Risk Officer, Allstate.
Tim Judge, SVP, Head Modeler, Chief Climate Officer, Fannie Mae.
Dan Coates, Deputy Director, DRS, Federal Housing Finance Agency.
Fred Karlinsky, Co-Chair of Greenberg Traurig’s Global Insurance Regulatory & Transactions Practice Group.
Panelists and members alike appreciated the compact, action-focused, conversational nature of the single-afternoon occasion, in addition to the chance to debate areas by which their numerous industry- or sector-specific priorities and efforts overlapped.
If you weren’t in a position to be a part of us in Washington, don’t fear. In his closing remarks, Kevelighan introduced plans to take this system on the street with an area and regional focus, so keep tuned. You can contact us in case you’re curious about collaborating in future Town Halls or different Triple-I occasions. You can also be a part of the “Attacking the Risk Crisis” LinkedIn Group to be a part of the continued dialog.