By Sean M. Kevelighan,
CEO, Insurance Information Institute
Most people understand insurance as their first line of defense against financial losses. However, the insurance industry’s commitment to a strong economy goes much deeper.
Insurers and reinsurers in many ways are the very foundation of growth and progress for the modern economy. For individuals and businesses of all sizes faced with managing risk amid increasingly complex challenges, insurance is there to ease uncertainties. It’s the safety net that lets families, businesses, and communities plan for future success, confident that they will be able to bounce back no matter what lies ahead.
In a new research study from the Insurance Information Institute (I.I.I.), “How Insurance Drives Economic Growth,” the I.I.I.’s chief economist, Steven Weisbart, lists 10 ways which insurers and reinsurers create value and drive economic growth by serving as “financial “first responders,” risk mitigators, partners in social policy, job-creators, and as a leading investor in innovation.
Through statistics, analysis and insights this publication tells a story that we’re proud of: How insurers not only make individuals and communities more productive and resilient, but also how the industry provides stability to financial markets and the overall economy, and helps to effectuate civic and social change to help promote the common good.