Sixty, many say, is the new 40. People living longer and in better health than ever before have opportunities for work, leisure, travel, and self-expression that previous generations could only dream of or regret not having seized.
Insurance has played a critical role in these improved circumstances by absorbing and distributing risks that otherwise would have made many types of investment prohibitively expensive — investment that directly affects everyone’s quality of life. And for the past 60 years, the Insurance Information Institute has supported the property/casualty insurance industry by helping the public understand risks and the products that help mitigate them.
“Property insurance is an integral part of our national economy. It is vital to business enterprise and to the establishment of credit. Nearly every individual American is directly affected by it.”
These words, from a 1959 announcement of the establishment of Triple-I, are as true and relevant now as they were then. But where that announcement referenced “fire, automobile…fidelity and surety, and inland marine insurance,” we would need to mention “cyber, terrorism, business interruption, supply chain, workers compensation, professional and management liability,” along with numerous other products and features that keep emerging to address the changing risk landscape.
The industry’s history of developing forms of coverage to meet businesses’ and individuals’ changing needs is evocatively illustrated in the following, from a 1962 Triple-I ad:
“During the same year that America’s property and casualty insurance companies provided special coverage for the first Telstar communications satellite, they also wrote more than $100,000 in horse and wagon policies. This year will also see a brisk business in false teeth coverage, rain protection, wedding gifts floaters and other unusual forms of insurance.”
As we continue to support the industry by advancing public awareness and understanding, we’re taking advantage of new tools and technologies to do so. Sixty years ago, print, telephone, and face-to-face communication were the only games in town. Today, we reach broader and more targeted audiences through social media, webinars, blogs, conferences, and more.
A great example is the recent launch of a Risk and Resilience Hub in partnership with Aon and the Colorado State University Department of Atmospheric Science. The Hub uses data visualization to help people understand natural catastrophe risks and make data-driven decisions when it comes to managing their exposures.
Far from slowing down and feeling creaky at 60, Triple-I is maintaining its strong pace and going where the industry and consumers need us to be.
The 1959 announcement I cited above invited “written or telephone inquiries” from “researchers, editors, writers, educators, students, librarians, civic groups, and the general public.”