Looking back at 2007
Over the course of 2007, I have been pleased to deliver to you the industry news that matters to your business. Part I of this PCI SmartBrief special year-end report rounds up the most important trends, stories and events of the past year. Part II, which will hit your inbox on Thursday, will provide a glimpse into what's in store for 2008.
Enacting a long-term terrorism insurance backstop, dealing with catastrophic risk issues at the state and federal level, and a continued push for a more effective and efficient regulatory environment topped the list of 2007 advocacy objectives for the Property Casualty Insurers Association of America.
The Terrorism Risk Insurance Act expires on Dec. 31, but the threat of terrorism does not. The time sensitivity on terrorism insurance makes this issue a priority not just for the insurance industry but for the entire business community and the U.S. economy. Hundreds of PCI members participated in grassroots activities regarding this issue – from writing letters to members of Congress to meeting personally with key political leaders – to support the TRIA advocacy campaign.
Other key PCI advocacy objectives included a variety of catastrophe issues at the state and federal levels. Among these were a continued push for reforms of the National Flood Insurance Program, evaluating the need for enactment of state catastrophe programs, establishing the framework for a long-term solution to help stabilize the Florida property insurance market, and preserving the financial strength and structure of the California Earthquake Authority.
While the nation has benefited from another relatively quiet hurricane season, the recent wildfires in California demonstrate that the risk of catastrophic loss continues to be greater now than it's ever been. More people live in harm's way, and the value of property exposed to catastrophic risk is higher than ever. These conditions will make it imperative that insurers, consumers, state legislatures and Congress work together to improve our nation's ability to prepare for, respond to and recover from natural disasters.
The largest gathering of property/casualty insurance leaders in the U.S. met in Boston this year. The annual event was attended by hundreds of CEOs and senior executives of property/casualty insurance companies, reinsurers, brokers, intermediaries and underwriters. Participants heard presentations from leading thinkers on politics, public policy, economics and journalism. It was an exciting year, indeed.
This story published in PCI SmartBrief on 12/11/2007
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