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Expert tells conference about insurance industry challenges

Posted On Wed, July 25, 2012

At a recent industry event in Florida, the head of a major insurance firm examined a number of different trends affecting the sector and how it could best adapt.

In a statement to the Florida Insurance Council’s annual conference, Property Casualty Insurers Association of America president and CEO David Sampson said that one of the biggest areas of concern for those in the insurance industry had to do with the political environment. He said that now more than ever, getting lawmakers to agree on any measure was quite a tall task.

"Getting favorable legislation passed is no small feat these days," Sampson said. "In fact, getting any legislation passed is a challenge, especially in Congress, where 'bipartisan' usually takes on a negative connotation."

He also added that many viewed insurers' business activity "skeptically," thanks to the recent events that had plagued economies around the world. He said that any mistakes would be "magnified tenfold."

Companies in the sector often compete to give consumers cheap insurance rates to gain a competitive advantage.

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