Storms, political tensions on the horizon at the APCIA conference

Hurricanes Helene and Milton and the US presidential election loomed large at the annual meeting of property and casualty insurers and reinsurers.

Members of the American Property Casualty Insurance Association (APCIA) met in Chicago on Monday to address key issues in the industry.

APCIA represents approximately 60% of the property and casualty insurance market in the United States. APCIA members include insurers of all sizes, structures, and jurisdictions, including home, auto, and commercial insurers.

Opening the two-day conference, APCIA president and CEO David A. Sampson addressed the organization's members in a direct appeal for leadership and compassion at a critical time in history, saying that historical events have created a “crisis of trust” in US institutions.

“We have to acknowledge the ongoing trust crisis in this country,” said Sampson. “This is not a new issue. Trust in institutions has been declining since the 1960s.

“Populism and isolationism have intensified these problems, putting great pressure on leaders to respond quickly and wisely. Unfortunately, many have failed to rise to this challenge.”

Sampson acknowledged the pressure the industry is facing and called on insurance leaders to navigate the growing political and economic uncertainty.

“Leadership needs to embrace the good and the bad, and we have a lot to be thankful for,” he said, noting that despite the challenges, the American economy avoided many of the worst-case scenarios predicted last year.

Insurance has a 'unique role' in restoring trust

Sampson said the entrenched skepticism in the institutions stems from decades of political conflict and a “reactive” political culture, fueled by the pandemic, the rising cost of living, and concerns about the consequences of a wider war in the Middle East.

However, this crisis has brought opportunities to the insurance industry. “Effective, competent and honest leadership is much needed. Entrepreneurs have a unique opportunity to fill this gap,” said Sampson.

He emphasized the role of the insurance community as a source of “stability, security, and protection” for American families, businesses, and communities.

“Our job as business leaders is to be transparent,” said Sampson. “No matter who wins the next election, let's commit to being builders in our homes, in our places of residence, in our business areas.”

Hurricanes Helene and Milton cast a cloud over the APCIA meeting

The APCIA conference comes less than two weeks after Hurricane Helene hit communities in Florida, Georgia, the Carolinas, and nearby states. At the same time, Hurricane Milton is barreling through the region, possibly making landfall in Tampa Bay as a Category 5 storm Wednesday evening.

Sampson encouraged insurance leaders to embrace their role as part of the solution, noting that their work provides vital protection against the chaos brought on by natural disasters such as hurricanes and tornadoes.

“We wake up every day to protect our customers from the chaos that comes with the wind of the storm,” he said.

Were you at this year's APCIA conference? Please share your thoughts on this story below.