Scottsdale, Ariz. — Speaking at the annual meeting of the Property Casualty Insurers Association of America (PCI), David Sampson, the association’s president and CEO, said the industry is confronting the biggest set of challenges it has seen in some time.
“PCI and the industry face two powerful, countervailing trends: significant pressure on the revenue side and secondly, the most challenging policy/advocacy environment we have faced since the end of World War II,” he said.
Due to the upheaval in the financial markets, Sampson predicted more intrusive regulation of the insurance industry would be the “default setting” in the future. He said the property/casualty industry faced formidable adversaries “who do not like our industry and who want to dictate the terms under which we do business.”
Accordingly, Sampson said his association was girding for battle on multiple fronts. “We need to be prepared to challenge our adversaries—not just at the state level, where we have been very active in the past, but wherever they present a threat. Increasingly, that is going to also be at the federal and international levels.”
Source: Property Casualty Insurers Association of America
Register or login for access to this item and much more
All Digital Insurance content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access